AN ACT RELATING TO CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS -- UNIFORM PARTNERSHIP ACT -- THE RHODE ISLAND LIMITED LIABILITY COMPANY ACT

Summary

The bill adds mandatory insurance or segregated‑fund requirements for registered limited liability partnerships that provide professional services, and it repeals the existing Rhode Island Limited Liability Company Act. It also creates new reporting, tax‑filing, and fee rules for domestic and foreign LLCs, and revises formation, merger, and fiduciary provisions. The changes aim to protect clients of professional firms and bring the LLC statutes up to modern standards.

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