(a) In this chapter, "controlling person" means an individual who:
(1) possesses direct or indirect control of at least 25 percent of the voting securities of a corporation;
(2) possesses the authority to set policy and direct the management of a business entity;
(3) is the president, the secretary, or a director of a corporation; or
(4) is a general partner of a partnership.
(b) An individual who is a controlling person of a corporation or other business entity that is the general partner of a limited partnership is a controlling person of the limited partnership.