On neglecting reflection by the surface the existence and uniqueness are proved for the solution of the equation of transfer of polarized light in a homogeneous semi‐infinite or finite plane‐parallel medium. A general LL‐space formulation, where 1 ≤ p < ∞, is adopted. The analysis concerns a vector‐valued convolution equation, which is an equivalent form of the equation of radiative transfer and is solved with the help of Wiener‐Hopf factorization, Fredholm index and cone preservation methods. The results are also proved for the equations obtained from the full equation of transfer by means of Fourier expansion and symmetry relations.