Maine Revised Statutes Title 7 Sec. 34 – Exemptions
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1. Family farm corporation or partnership. A family farm corporation or farm partnership as defined in section 32 shall not be required to comply with the reporting requirements in section 33.
[PL 1983, c. 396, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 7 Sec. 34
- 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.
- Family farm corporation: means a corporation founded for the purpose of farming and the ownership of agricultural land; the majority of the voting stock must be held by, and a majority of the shareholders must be, persons or the spouses of persons related to each other within the 3rd degree of kindred and at least one of the related persons must reside on or actively operate the farm; and none of the shareholders may be a corporation. See Maine Revised Statutes Title 7 Sec. 32
- Farm partnership: means an association of 2 or more individuals formed for the purpose of farming. See Maine Revised Statutes Title 7 Sec. 32
- 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.
2. Ten-acre exemption. A corporation or partnership owning less than 10 acres of land, which is the subject of a single acquisition or transfer, is not required to comply with the reporting requirements in section 33.
[PL 1983, c. 396, §1 (NEW).]
SECTION HISTORY
PL 1983, c. 396, §1 (NEW).