Terms Used In Idaho Code 63-3006B

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
"Partnership" shall be as defined in section 7701 of the Internal Revenue Code and shall include any entity classified as a partnership pursuant to regulations of the U.S. department of the treasury issued under section 7701 of the Internal Revenue Code, but shall not include a publicly traded partnership taxed as a corporation under section 63-3006, Idaho Code.