The bill proposes a comprehensive overhaul of the Rhode Island Limited-Liability Company Act, repealing the existing Chapter 7-16 of the General Laws and introducing new provisions. The deletions include the entire chapter, which previously contained definitions and regulations for the formation, operation, and dissolution of LLCs. New insertions include sections for short title, definitions, purpose and duration, professional services, liability in rendering professional services, insurance or financial responsibility, and powers of LLCs. However, the specific content of these new sections is not provided in the text excerpt. The bill also removes detailed provisions that allowed LLCs to engage in various business activities, suggesting a substantial reduction in the scope of activities authorized for LLCs.

The bill further addresses the conversion of entities to LLCs, the management and operation of LLCs, and the rights and obligations of members and managers. It removes provisions related to the conversion process, the continuation of the converting entity, and the approval process for conversion. New sections are inserted, but without the specific content, it is unclear what new procedures or conditions they establish. The bill also removes fees associated with LLCs, eliminates the requirement for LLCs to file an annual report, and introduces new sections regarding the revocation of certificates of organization or registration for LLCs. The bill aims to streamline the process for converting entities to LLCs, clarify the requirements for approval of such conversions, and potentially modernize the regulatory framework for LLCs.