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Arkansas Code Title 4. Business and Commercial Law § 4-27-1903. Definitions

Current as of March 28, 2024 | Updated by Findlaw Staff

As used in this subchapter:

(1) “Business” means a person or entity that:

(A) Performs a service or engages in a trade for profit and is required by the Internal Revenue Service to file a:

(i) Schedule C, Form 1040, Profit or Loss From Business, or its equivalent or successor form;

(ii) Schedule E, Form 1040, Supplemental Income and Loss, or its equivalent or successor form; or

(iii) Schedule F, Form 1040, Profit or Loss From Farming, or its equivalent or successor form, for that activity; or

(B) Is organized as a business under this chapter, including an entity that is required to file an annual report with the Secretary of State, whether or not the entity performs a service or engages in a trade or business for profit;

(2) “State business license” means any license issued to a business in this state; and

(3) “Wages” means any remuneration paid for personal services, including commissions and bonuses, and payable in any medium other than cash.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-27-1903. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-27-1903/

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