Treatment of limited liability companies

39-51-207 . Treatment of limited liability companies. For the purposes of this chapter, a limited liability company is treated as follows: (1) as a sole proprietorship if it is a single-member limited liability company; (2) as a partnership if it consists of more than a single member and it is not established as a corporation pursuant to the provisions of the Internal Revenue Code for income tax purposes; or (3) as a corporation if it is classified as a corporation for income tax purposes pursuant to the Internal Revenue Code.