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

This bill updates Rhode Island's business laws by replacing the existing Limited Liability Company Act with a newer model and adding requirements for professional limited liability partnerships to carry liability insurance or set aside segregated funds. The new insurance requirement applies to registered limited liability partnerships that perform professional services, mandating coverage based on the number of professional employees with a minimum of $100,000 and a maximum of $500,000, or alternatively allowing partnerships to deposit funds in trust or use bank letters of credit. The bill also includes provisions that prevent insurance details from being disclosed to juries if compliance is met, and it repeals the current Limited Liability Company Act to incorporate the updated definitions and regulations. These changes directly affect business owners, managers, and legal professionals who operate limited liability partnerships or companies in Rhode Island.