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

Summary

SB 2780 requires registered limited‑liability partnerships that provide professional services to carry liability insurance or set aside $500,000 in segregated funds. It also eliminates the existing Rhode Island Limited Liability Company Act. The changes affect professional LLPs and any entities that would have been organized under the repealed LLC law.

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