North Dakota Code 28-22-13 – Partnership or limited liability company can claim but one exemption
Current as of: 2023 | Check for updates
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A partnership or limited liability company can claim but one exemption, which must be in the amount in value or in alternative property allowed to the head of a family, if any one of the partners or members is the head of a family, and must be in the amount in value allowed to a single person if none of the partners or members is the head of a family. Such exemption may be claimed out of the partnership or limited liability company property.
Terms Used In North Dakota Code 28-22-13
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49