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Terms Used In Indiana Code 34-12-3-2

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
   Sec. 2. As used in this chapter, “person” means a human being, corporation, limited liability company, partnership, unincorporated association, or governmental entity.

As added by P.L.19-2001, SEC.1. Amended by P.L.114-2012, SEC.63; P.L.106-2015, SEC.3.