Arkansas § 26-65-102 Definitions

Arkansas Statutes

§ 26-65-102 — Definitions

Arkansas § 26-65-102

Title26

This text of Arkansas § 26-65-102 (Definitions) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 26-65-102 (2026).

Text

As used in this chapter:

(1)"Affected business entity" means a business entity in which members that hold more than fifty percent (50%) of the voting rights in the business entity elect on an annual basis before the due date or extended due date of the business entity's income tax return to be taxed under this chapter;

(2)"Business entity" means an entity, including without limitation a general partnership, limited partnership, limited liability company, or for federal income tax purposes, a Subchapter S corporation, that:

(A)Is engaged in a business for profit; and (B) Is required to file a return under this title;

(3)"Member" means a:

(A)Shareholder of a Subchapter S corporation;

(B)Partner in a general partnership, limited partnership, or limited liability partnership; and (C) Mem

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As used in this chapter: (1) "Affected business entity" means a business entity in which members that hold more than fifty percent (50%) of the voting rights in the business entity elect on an annual basis before the due date or extended due date of the business entity's income tax return to be taxed under this chapter; (2) "Business entity" means an entity, including without limitation a general partnership, limited partnership, limited liability company, or for federal income tax purposes, a Subchapter S corporation, that: (A) Is engaged in a business for profit; and (B) Is required to file a return under this title; (3) "Member" means a: (A) Shareholder of a Subchapter S corporation; (B) Partner in a general partnership, limited partnership, or limited liability partnership; and (C) Member of a limited liability company; (4) "Net operating loss" means the same as defined in § 26-51-427 ; (5) "Pro rata interest" means a member's percentage of allocation of the profits of an affected business entity; and (6) "Taxable year" means the same as defined in § 26-51-102 .