2010 Arkansas Code
Title 26 - Taxation
Subtitle 5 - State Taxes
Chapter 54 - Corporate Franchise Taxes
§ 26-54-102 - Definitions.

26-54-102. Definitions.

(a) As used in this chapter, "corporation" means any corporation, domestic and foreign, active and inactive, which is organized in or qualified under the laws of the State of Arkansas and includes, but is not limited to, any person or group of persons, any association, joint-stock company, business trust, or other organizations with or without charter constituting a separate legal entity of relationship with the purpose of obtaining some corporate privilege or franchise which is not allowed to them as individuals and which is exercising, or attempting to exercise, corporate-type acts, whether or not existing by virtue of a particular statute.

(b) However, "corporation" does not include:

(1) Nonprofit corporations;

(2) Corporations which are organizations exempt from the federal income tax; or

(3) Organizations formed under or governed by the Uniform Partnership Act (1996), 4-46-101 et seq., or the Uniform Limited Partnership Act (2001), 4-47-101 et seq.