Rhode Island General Laws 7-15-1. Definitions
(a) “Enterprise” includes any sole proprietorship, partnership, corporation, association, or other legal entity, and any union or group of individuals associated for a particular purpose although not a legal entity.
Terms Used In Rhode Island General Laws 7-15-1
- 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.
- 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.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(b) “Person” includes any individual or entity capable of holding a legal or beneficial interest in property.
(c) “Racketeering activity” means any act or threat involving murder, kidnapping, gambling, arson in the first, second, or third degree, robbery, bribery, extortion, larceny or prostitution, or any dealing in narcotic or dangerous drugs that is chargeable as a crime under state law and punishable by imprisonment for more than one year, or child exploitations for commercial or immoral purposes in violation of § 11-9-1(b) or (c) or § 11-9-1.1.
(d) “Unlawful debt” means a debt incurred or contracted in an illegal gambling activity or business or that is unenforceable under state law in whole or in part as to principal or interest because of the law relating to usury.
History of Section.
P.L. 1979, ch. 204, § 1; P.L. 1985, ch. 353, § 1.