§ 7-16-73. Construction with other laws.
(a) Unless the provisions of this chapter or the context indicate otherwise, each reference
in the general laws to a "person� is deemed to include a limited liability company,
and each reference to a "corporation�, except for references in the Rhode Island Business
and Nonprofit Corporation Acts, and except with respect to taxation, is deemed to
include a limited liability company.
(b) As to taxation, a domestic or foreign limited liability company shall be treated in
the same manner as it is treated under federal income tax law.
Free access — add to your briefcase to read the full text and ask questions with AI
§ 7-16-73. Construction with other laws.
(a) Unless the provisions of this chapter or the context indicate otherwise, each reference
in the general laws to a "person� is deemed to include a limited liability company,
and each reference to a "corporation�, except for references in the Rhode Island Business
and Nonprofit Corporation Acts, and except with respect to taxation, is deemed to
include a limited liability company.
(b) As to taxation, a domestic or foreign limited liability company shall be treated in
the same manner as it is treated under federal income tax law.
(c) If a domestic or foreign limited liability company is treated as a partnership for
purposes of federal income taxation:
(1) Any member of the limited liability company during any part of the limited liability
company's taxable year shall file a Rhode Island income tax return and shall include
in Rhode Island gross income that portion of the limited liability company's Rhode
Island income allocable to the member's interest in the limited liability company.
(2) Any member of the limited liability company who is a non-resident shall execute and
forward to the limited liability company before the original due date of the Rhode
Island limited liability company return an agreement that states that the member will
file a Rhode Island income tax return and pay income tax on the non-resident member's
share of the limited liability company's income that was derived from or attributable
to sources within this state, and the agreement shall be attached to the limited liability
company's Rhode Island return for the taxable year.
(3) In the event that the non-resident member's executed agreement is not attached to
the Rhode Island limited liability company return or the agreement set forth above
is attached to the limited liability company return and subsequently the non-resident
member fails to file a timely income tax return, then within thirty (30) days of the
date of notice by the Tax Administrator to the limited liability company, the limited
liability company shall remit to the Tax Administrator the non-resident member's tax
on the member's share of the limited liability company's income that was derived from
or attributable to sources within this state, which tax shall be computed at the statutory
rate applicable to corporations.
(4) A non-resident member is required to file a Rhode Island income tax return even though
the member's only source of Rhode Island income was that member's share of the limited
liability company's income that was derived from or attributable to sources within
this state, and the amount of remittance by the limited liability company on behalf
of the non-resident member shall be allowed as a credit against that member's Rhode
Island income tax liability.