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

1. (1) ownership of at least fifty-one percent (51%) of the enterprise, including corporate stock of a corporation;
2. (2) control over the management and being active in the day to day operations of the business; and
3. (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.