(a) 'Company' means:(1) any corporation, partnership, business trust, joint venture, association, or similar organization; or(2) any other trust, unless by its terms it must terminate:(A) within twenty-five (25) years; or(B) not later than twenty-one (21) years and ten (10) months after the death of any individual living on the effective date of the trust.(b) As used in subsection (a)(1), 'similar organization' means a combination of parties with the potential for or practical likelihood of a continuing rather than temporary existence, in which the parties have knowingly and voluntarily associated for a common purpose in identifiable and binding relationships that govern the parties with respect to either:(1) the transferability and voting rights concerning any stock or other indicia of participation in another entity; or(2) the achievement of a common or shared objective, such as to collectively manage or control another entity.As added by P.L.122-1994, SEC.101.
Indiana Legal Code