The proposed bill amends the Rhode Island Limited Liability Company Act, introducing significant changes to the dissolution process and filing requirements for limited liability companies (LLCs). It allows for dissolution under various circumstances, such as the consent of a majority of remaining members or the death of the last member, unless specified otherwise in the articles of organization or operating agreement. Notably, the bill eliminates the requirement for LLCs to obtain a letter of good standing from the division of taxation for dissolution. Additionally, it increases the filing fee for the original articles of organization from $150 to $500 and exempts single-member LLCs from certain filing requirements, streamlining the process for these entities.

Moreover, the bill amends the Business Corporation Tax section by reducing the corporate tax rate from 9% to 7% for tax years beginning on or after January 1, 2015, and clarifies tax obligations for corporations based on their activities and income. It also establishes that LLCs will be exempt from the minimum tax, which is currently set at $450 for corporations, decreasing to $400 for tax years starting on or after January 1, 2017. The bill retains provisions for small business corporations with subchapter S status while deleting outdated provisions, ultimately aiming to create a more business-friendly regulatory environment for LLCs in Rhode Island. The changes will take effect upon the bill's passage.