Louisiana Revised Statutes 47:201 – A. Except as otherwise provided in R.S. 47:201.2, a partnership shall not be subject to the income tax imposed by this Chapter, but a partnership shall be required to file an annual
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Terms Used In Louisiana Revised Statutes 47:201
- 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.
A. Except as otherwise provided in La. Rev. Stat. 47:201.2, a partnership shall not be subject to the income tax imposed by this Chapter, but a partnership shall be required to file an annual informational partnership return of income in accordance with La. Rev. Stat. 47:103(A)(2).
B. Persons carrying on business as partners shall be liable for income tax only in their separate or individual capacities.
Amended by Acts 1958, No. 441, §1; Acts 1975, No. 459, §1; Acts 2021, No. 287, §1, eff. June 14, 2021.