Idaho Code 63-3006C – Pass-Through Entity
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 63-3006C
- 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.
The term "pass-through entity" as used in this chapter includes a partnership, as defined in section 63-3006B, Idaho Code, a limited liability company taxed as a partnership under section 63-3006A, Idaho Code, an S corporation required to file a return under section 63-3030(4), Idaho Code, or a trust or estate required to file a return under section 63-3030, Idaho Code. An "owner of an interest in a pass-through entity" includes the shareholders of a corporation, the members of a limited liability company and partners of a partnership.