Terms Used In Rhode Island General Laws > Chapter 36-14.1 - State Vendors Providing Goods or Services to Public Officials

• Business entity: means a sole proprietorship, partnership, firm, corporation, holding company, joint stock company, receivership, trust, or any other entity recognized in law through which business for profit is conducted. See Rhode Island General Laws 36-14.1-1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Procurement official: means an elected or appointed state official or employee who has the authority to make decisions concerning the purchasing of goods or services for a state agency or who has supervisory authority over the person empowered to make decisions concerning the purchase of goods or services for the state agency. See Rhode Island General Laws 36-14.1-1
• State agency: means a branch, department, division, agency, commission, board, office, bureau, or authority of the government of the state of Rhode Island. See Rhode Island General Laws 36-14.1-1
• State vendor: means :

  (i)  A person or business entity that sells goods or provides services to any state agency;

  (ii)  A person or business entity which has an ownership interest of ten percent (10%) or more in a business entity that sells goods or provides services to any state agency; or

  (iii)  A business entity that is a parent or subsidiary of a business entity that sells goods or provides services to any state agency. See Rhode Island General Laws 36-14.1-1