New Jersey § 42:2c-92
Full text of New Jersey New Jersey Statutes § 42:2c-92, with citation guidance and answers to common questions.
§ 42:2c-92.
a. For all purposes of taxation under the laws of this State, a limited liability
company formed under this act or qualified to do business in this State as a foreign
limited liability company with two or more members shall be classified as a partnership
unless classified otherwise for federal income tax purposes, in which case the limited
liability company shall be classified in the same manner as it is classified for federal
income tax purposes. For all purposes of taxation under the laws of this State, a member or a transferee
of a member of a limited liability company formed under this act or qualified to do
business in this State as a foreign limited liability company shall be treated as
a partner in a partnership unless the limited liability company is classified otherwise
for federal income tax purposes, in which case the member or transferee of a member
shall have the same status as the member or transferee of a member has for federal
income tax purposes. b. For all purposes of taxation on income under the laws of this State and only for
those purposes, a limited liability company formed under this act or qualified to
do business in this State as a foreign limited liability company with one member is
disregarded as an entity separate from its owner, unless classified otherwise for
federal tax purposes, in which case the limited liability company will be classified
in the same manner as it is classified for federal income tax purposes. For all purposes of taxation on income under the laws of this State and only for
those purposes, the sole member or a transferee of all of the limited liability company
interest of the sole member of a limited liability company formed under this act or
qualified to do business in this State as a foreign limited liability company is treated
as the direct owner of the underlying assets of the limited liability company and
of its operations, unless the limited liability company is classified otherwise for
federal income tax purposes, in which case the member or transferee of a member will
have the same status as the member or transferee of a member has for federal income
tax purposes. c. With respect to a limited liability company that is taxed as a partnership for
federal income tax purposes, the entity is also liable for all obligations of the
partnership as provided by P.L.2022, c. 133 ( C.54:50-47 et al.) in addition to its liabilities in section 30 of P.L.2012, c. 50 ( C.42:2C-30 ).
Frequently Asked Questions About New Jersey § 42:2c-92
What does New Jersey Statutes § 42:2c-92 cover?
Section 42:2c-92 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 42:2c-92?
A common citation format is "New Jersey Statutes § 42:2c-92" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:2c-92 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.