Taxation of single-member limited liability companies

For purposes of this chapter, a limited liability company having a single member which is formed under either the laws of this state or under similar laws of another state and that is considered to be a corporation for federal income tax purposes is considered to be a corporation for state tax purposes. A limited liability company having a single member which is not treated as a corporation for federal income tax purposes is disregarded as an entity separate from its owner for state tax purposes.