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Ark. Code Ann. § 4-32-102

Definitions

Known as the Small Business Entity Tax Pass Through Act

The act spans §§ 4–4 (91 sections).

Applied in 2 court decisions — leading case 2020 Ark. App. 292 - In the Matter of the Estate of Charles E. Cook, Jared Brooks and Charlotte Smith v. Amy Willhite and the Estate of Charles E. Cook (2020)

Most recently applied in 2020 Ark. App. 292 - In the Matter of the Estate of Charles E. Cook, Jared Brooks and Charlotte Smith v. Amy Willhite and the Estate of Charles E. Cook (May 2020)

Acts 1993, No. 1003, § 102; 2019, No. 665, § 2.

As used in this chapter, unless the context otherwise requires:

(1) “Articles of organization” means articles filed under § 4-32-201, and those articles as amended and restated;

(2) “Corporation” means a corporation formed under the laws of any state or foreign country, including professional corporations or associations;

(3) “Court” includes every court having jurisdiction in the case;

(4) “Event of dissociation” means an event that causes a person to cease to be a member as provided in § 4-32-802;

(5) “Foreign limited liability company” means an organization that is: An unincorporated association;

(6) Organized under laws of a state other than the laws of this state, or under the laws of any foreign country;

(7) Organized under a statute pursuant to which an association may be formed that affords to each of its members limited liability with respect to the liabilities of the entity; and

(8) Not required to be registered or organized under any statute of this state other than this chapter;

(9) “Limited liability company” or “domestic limited liability company” means an organization formed under this chapter;

(10) “Limited liability company interest” or “interest in the limited liability company” means the interest that can be assigned under § 4-32-704 and charged under § 4-32-705;

(11) “Limited partnership” means a limited partnership formed under the laws of any state or foreign country;

(12) “Manager” or “managers” means, with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by managers, the person or persons designated in accordance with § 4-32-401;

(13) “Member” or “members” means a person or persons who have been admitted to membership in a limited liability company as provided in § 4-32-801 and who have not ceased to be members as provided in § 4-32-802;

(14) “Operating agreement” means the written agreement which shall be entered into among all of the members as to the conduct of the business and affairs of a limited liability company;

(15) “Person” means an individual, a general partnership, a limited partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation, a custodian, a nominee and other individual entity in its own or representative capacity, or any other legal entity.

(16) “Person” includes a protected series;

(17) “Professional service” means any type of professional service which may be legally performed only pursuant to a license or other legally mandated personal authorization. For example: the personal service rendered by certified public accountants, architects, engineers, dentists, doctors, and attorneys at law; and

(18) “State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.