Louisiana Revised Statutes 39:1983 – Factors considered in determining control
NOTE: This provision of law was included in the Unconstitutional Statutes Biennial Report to the Legislature, dated March 14, 2016.
Terms Used In Louisiana Revised Statutes 39:1983
- 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.
Whether an owner meets the fifty-one percent control requirement shall be determined on an application-by-application basis. Factors which may be considered in determining whether or not the owner meets the control requirement include but are not limited to the following:
(1) Authority and restrictions as indicated in the articles of incorporation, bylaws, partnership agreements, or other business agreements and documents.
(2) Members of the board of directors and corporate officers.
(3) Recent changes in ownership or control of the business.
(4) Documentation indicating who has ultimate authority to make policy and management decisions and to legally obligate the business.
Acts 1984, No. 653, §1, eff. July 1, 1984; Acts 1992, No. 797, §2, eff. July 1, 1992.