Terms Used In Rhode Island General Laws > Chapter 37-14.2 - The Micro Businesses Act

• Contract: means a mutually binding legal relationship, or any modification thereof, obligating the seller to furnish supplies or services, including construction, and the buyer to pay for them. See Rhode Island General Laws 37-14.2-3
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Micro business: means a Rhode Island-based business entity, regardless of whether it is in the form of a corporation, limited liability company, limited partnership, general partnership, or sole proprietorship, that has a total of ten (10) or fewer members, owners, and employees and has gross sales totaling five hundred thousand dollars ($500,000) or less. See Rhode Island General Laws 37-14.2-3
• 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.
• Registered: means those micro businesses that have provided their business name, address, owner-contact information, number of employees, and annual gross sales to the department of administration. See Rhode Island General Laws 37-14.2-3
• Statute: A law passed by a legislature.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9