The bill amends several sections of the Rhode Island Limited Liability Company Act. It increases the filing fee for organizing a limited liability company from $150 to $500. The bill eliminates the requirement for a limited liability company to obtain a letter of good standing from the division of taxation prior to dissolution. It also exempts single-member limited liability companies from certain filing requirements and removes the annual tax return filing requirement and the minimum tax for limited liability companies.

Additionally, the bill specifies that a limited liability company is dissolved and its affairs shall be wound up under certain conditions. The act is set to take effect upon passage.

Statutes affected:
413: 44-11-2