A related company is any national for-profit company or a professional society that states in its instrument of incorporation that “this company is a close company”. The declaration may be included in the initial act of incorporation of a company or added later by the filing of a certificate of amendment. A private company can be managed under a shareholders` agreement instead of a board of directors or statute. Shareholders of related companies often 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. More information can be found in BOC §§ 21.701 et seq. Thank you for your interest in running a business in Indiana. The key to future economic prosperity and growth is a strong business world in Indiana. We`ve developed this guide to help you start your business. Although he does not intend to take the place of legal counsel, it was designed to allow entrepreneurs to understand certain conditions of the business and support the sustainability of a business in Indiana. A complementary company is defined as “an association of two or more persons who, as owners, carry out an activity with winners.” § 152.051.
Complementary trading companies may result from an oral or written agreement. Complementary commercial companies are created without filing of instruments of incorporation with the Secretary of State. A supplement must have at least two partners and each partner of a complementary is complementary. If a complementary trading company chooses the additional step of registration as an LLP, it must use in its legal name “Limited Liability Partnership” (or a shortcut to it, such as LLP). § 5.063. Below is a brief description of the different forms in which a business can organize under Indiana law. Reservation: the formal organization of a company has both great advantages and legal consequences. Caution should be exercised with regard to the form of activity to be used and the operation of the business. The Corporations Division is helpful, but cannot provide legal advice. .