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 limited liability companies 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 circumstances, including the consent of a majority of remaining members or the death of the last remaining member, unless otherwise stated in the articles of organization or operating agreement. The act will take effect upon passage.

Statutes affected:
413: 44-11-2