IC 5-28-20-6: "Owned and controlled"

Sec. 6. As used in this chapter, "owned and controlled" means having:

(1) ownership of at least fifty-one percent (51%) of the enterprise, including corporate stock of a corporation;

(2) control over the management and being active in the day to day operations of the business; and

(3) an interest in the capital, assets, and profits and losses of the business proportionate to the percentage of ownership.