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.