North Dakota Code 57-38.1-17.2 – Taxation of two or more member limited liability companies
Current as of: 2023 | Check for updates
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For purposes of this chapter, a limited liability company having two or more members that is formed under either the laws of this state or under similar laws of another state and that is considered to be a partnership for federal income tax purposes is considered to be a partnership and the members must be considered to be partners. A limited liability company having two or more members that is not treated as a partnership for federal income tax purposes must be treated as a corporation for state tax purposes.
Terms Used In North Dakota Code 57-38.1-17.2
- 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: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49