Indiana Code > Title 6 > Article 3.6 > Chapter 1 – Purpose; Application; Transitional Provisions
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Terms Used In Indiana Code > Title 6 > Article 3.6 > Chapter 1 - Purpose; Application; Transitional Provisions
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.