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The following words and terms, when used in this article, shall have the following meanings unless the context clearly indicates otherwise: "Owner" means any individual or entity who is treated as a partner, member, or shareholder of a pass-through entity for federal income tax purposes. "Pass-through entity" means any entity, including a limited partnership, a limited liability partnership, a general partnership, a limited liability company, a professional limited liability company, a business trust or a Subchapter S corporation, that is recognized as a separate entity for federal income tax purposes, in which the partners, members or shareholders report their share of the income, gains, losses, deductions and credits from the entity on their federal income tax returns. 2004, Sp. Sess. I, c. 3 .
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