1. (a) "Company" means:

   1. (1) any corporation, partnership, business trust, joint venture, association, or similar organization; or

   2. (2) any other trust, unless by its terms it must terminate:

      1. (A) within twenty-five (25) years; or
      2. (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.

2. (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. (1) the transferability and voting rights concerning any stock or other indicia of participation in another entity; or
   2. (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.