State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_59 > GS_59-84_1

Article 3A.

Miscellaneous Provisions.

§ 59‑84.1.  Partnershipto comply with "assumed name" statute; income taxation.

(a)        Every partnershipother than a limited partnership shall comply with, and be subject to, theprovisions of Articles 14 and 15 of Chapter 66 of the General Statutes in allcases in which the same are applicable.

(b)        A partnership,including a registered limited liability partnership and a foreign limitedliability partnership, and a partner of one of these partnerships are subjectto taxation under Article 4 of Chapter 105 of the General Statutes inaccordance with their classification for federal income tax purposes.Accordingly, if any such partnership is classified for federal income taxpurposes as a C corporation as defined in G.S. 105‑131(b)(2) or an Scorporation as defined in G.S. 105‑131(b)(8), the partnership and itspartners are subject to tax under Article 4 of Chapter 105 of the GeneralStatutes to the same extent as a C corporation or an S corporation, as the casemay be, and its shareholders. If any such partnership is classified for federalincome tax purposes as a partnership, the partnership and its partners aresubject to tax under Article 4 of Chapter 105 of the General Statutesaccordingly. If any such partnership is classified for federal income taxpurposes as other than a corporation or a partnership, the partnership and itspartners are subject to tax under Article 4 of Chapter 105 of the GeneralStatutes in a manner consistent with that classification. This section does notrequire a partnership, including any registered limited liability partnershipor foreign limited liability partnership authorized to transact business inthis State, to obtain an administrative ruling from the Internal RevenueService on its classification under the Internal Revenue Code. (1951, c. 381, s. 9; 1993, c.354, s. 5; 2001‑387, s. 117.)