Indiana Code 36-1-9.5-41. Factors not considered in determining net current assets
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Sec. 41. In determining net current assets, an entity may not consider the following:
(2) Notes and accounts receivable from partners of a co-partnership or officers and stockholders of a corporation unless an audited financial statement is attached.
(1) Notes and accounts receivable from affiliated business firms as assets of the applicant unless an audited financial statement showing the debtor has sufficient liquidity to discharge the debt is attached. However, an unaudited statement certified as correct by the debtor shall be accepted if an unaudited statement is submitted for qualification.
Terms Used In Indiana Code 36-1-9.5-41
- applicant: means a contractor or the subcontractor who seeks to do business with an entity. See Indiana Code 36-1-9.5-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- entity: means the following:
Indiana Code 36-1-9.5-11
As added by P.L.85-1991, SEC.3.