Below, you will find a brief description of the different forms in which a company can organize itself in accordance with the law of Indiana. Warning: the formal organization of a company has both great advantages and legal consequences. Caution should be exercised when deciding what form of business they are using and how the business is operated. The business sector is eager to help, but cannot offer legal advice. It is strongly recommended to contact a lawyer for additional advice. „Electronic signature“ is generally defined as a sound, symbol or electronic process attached to an electronic data set or logically linked to an electronic data set, executed or accepted by a person with the intention of signing the electronic data set. An electronic signature can be as simple as electronically entering a name, clicking a box indicating a dedication intention, or a similar process. However, electronic signatures are only permitted in cases of electronic transactions between consenting parties. The use of an electronic signature requires the agreement of both parties to authorize the use of the electronic signature and must be on a document that requires a signature and is electronic.
A close company is any for-profit domestic company or professional corporation that, in its founding certificate, states that „this company is a close company.“ The declaration may be included in the initial certificate of business creation or may be added later by the presentation of a certificate of amendment. A nearby company can be managed according to a shareholder pact and not by a board of directors or a statute. Often, shareholders of narrow companies agree to limit the conditions under which shares can be transferred or sold, to distribute profits and losses in a certain way, or to set conditions for holding shares or management positions. For more information, see BOC 21.701 and following. A general partnership is defined as „an association of two or more people to manage a business profitably as an owner.“ General partnerships can be established by oral or written agreement. General partnerships are created without filing constituent documents with the Secretary of State. A general partnership must have at least two partners and each partner in a general partnership is a general partner. When a general partnership chooses the additional stage of registration as an LLP, it must use, in its legal name, a „Limited Liability Partnership“ (or an acronym, for example. B LLP). 5.063.
The Texas Business Organization (BOC) code does not recognize the term „unprofitable LLC“ as a description of a particular type of business, but the BOC authorizes the creation of a non-profit LLC. Although a for-profit corporation is prohibited from „operating a non-profit organization“ (BOC 2.008), the BOC is not prohibited from prohibiting them. This is one of the few significant changes introduced by the BOC. Thank you for your interest in running a business in Indiana. The key to economic prosperity and future growth is a strong business world in Indiana. We have developed this guide to help create your business. Although it does not intend to replace legal counsel, it was designed to allow entrepreneurs to understand certain conditions and assist in the pursuit of a business in Indiana. You should consult your private lawyer if you are considering creating an LLC series. To obtain one of the benefits of an LLC series, at least the language required by Section 101.602 (a) (1) (2) of the Texas Business Organizations Code must be included in your Establishment Certificate and Business Agreement, and you must keep separate records of the assets in each series. For more information, visit 101.601-101.621 of the Texas Business Organizations Code. The Secretary of State does not have a specific form to form an LLC series.