Terms Used In Vermont Statutes > Title 32 > Chapter 151 > Subchapter 10B - Taxation of Partnerships and Limited Liability Companies

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: means the Commissioner of Taxes appointed under section 3101 of this title or any officer or employee of the Department authorized by the Commissioner (directly or indirectly by one or more redelegations of authority) to perform the functions mentioned or described in this chapter. See
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corporation: means any business entity subject to income taxation as a corporation, and any entity qualified as a small business corporation, under the laws of the United States, with the exception of the following entities that are exempt from taxation under this chapter:

• Department: means the Vermont Department of Taxes. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• Person: shall include an individual, firm, partnership, association, joint stock company, corporation, trust, estate, or other entity. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• tax liability: includes the liability for all amounts owing by a taxpayer to the State of Vermont under this chapter. See
• Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. See