Louisiana § RS 47:220.3 - Terms defined
Full text of Louisiana Louisiana Civil Code § RS 47:220.3 — Terms defined, with citation guidance and answers to common questions.
§ RS 47:220.3. Terms defined
A. Partnership. For purposes of this Chapter, the term "partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization through or by means of which any business, financial operation, or venture is carried on, and which is not, within the meaning of this Chapter, a corporation or a trust or estate. Under regulations the collector may, at the election of all members of an unincorporated organization, exclude such organization from the application of all or part of this subchapter, if it is availed of,
(1) for investment purposes only and not for the active conduct of a business, or,
(2) for the joint production, extraction, or use of property, but not for the purpose of selling services or property produced or extracted, if the income of the members of the organization may be adequately determined without the computation of partnership taxable income.
B. Partner. For purposes of this Chapter, the term "partner" means a member of a partnership.
C. Partnership agreement. For purposes of this Sub-part, a partnership agreement includes any modifications of the partnership agreement made prior to, or at the time prescribed by law for the filing of the partnership return for the taxable year (not including extensions) which are agreed to by all the partners, or which are adopted in such other manner as may be provided by the partnership agreement.
D. Liquidation of partner's interest. For the purpose of this Sub-part, the term "liquidation of a partner's interest" means the termination of a partner's entire interest in a partnership by means of a distribution, or a series of distributions, to the partner by the partnership.
Added by Acts 1958, No. 441, §2.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 47:220.3
What does Louisiana Civil Code § RS 47:220.3 cover?
Section RS 47:220.3 ("Terms defined") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 47:220.3?
A common citation format is "Louisiana Civil Code § RS 47:220.3" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 47:220.3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.