(a) In the case of trades, businesses, professions, other activities, enterprises or undertakings conducted, operated, engaged in, prosecuted or carried on by residents of the Village, there is imposed an annual tax of one percent on the net profits earned or accruing on and after January 1, 1973.
(b) For the purpose of construing subsections (c) and (d) of Section 183.02, the term "residents" in the phrase "conducted by residents of the Village" will ordinarily be construed to have reference to the business entity itself, as distinguished from the partners, proprietors or other participants in its profits.
(c) Generally, a partnership, association or other unincorporated enterprise owned by two or more persons will be taxed as an entity. However, in the case of a nonresident partnership, association or unincorporated enterprise which cannot be reached or taxed directly by the Village, or if only part of its earnings may be directly taxed, then in either such case, resident partners, co- owners, proprietors or other participants in the profits thereof must include in their declaration and tax return or returns their distributive shares of such profits, or portion thereof not taxed to the business enterprise as an entity, and must pay the tax thereon.
(d) The tax imposed under Section 183.02(c) is levied upon the entire net profits of the resident trade, business, profession, other activity, enterprise, or undertaking, wherever earned, paid or accrued and regardless of the fact that any part of such business or professional activity may have been conducted at or through a place or places of business located outside the Village. (Res. 402. Passed 11-27-72.)