Maine Revised Statutes Title 36 Sec. 5190 – Entity not taxable
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Terms Used In Maine Revised Statutes Title 36 Sec. 5190
- 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.
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
A partnership is not subject to the tax imposed by this Part. Persons carrying on business as partners are liable for the tax imposed by this Part only in their separate or individual capacities. This section does not apply to the taxes imposed by chapters 819 and 827 or the tax imposed on partnership audit adjustments pursuant to subchapter 2. [PL 2019, c. 380, §1 (AMD).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW). PL 2019, c. 380, §1 (AMD).