(a)  A partnership is an entity distinct from its partners.

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Terms Used In Rhode Island General Laws 7-12.1-201

  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(b)  A partnership is the same entity regardless of whether the partnership has a statement of qualification in effect under § 7-12.1-901.

History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective January 1, 2023.