Section 5-28-20-6 - "Owned and controlled"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.As added by P.L. 4-2005, SEC.34.