Rhode Island 2022 Regular Session

Rhode Island House Bill H7603

Introduced
3/2/22  
Refer
3/2/22  
Report Pass
4/26/22  
Engrossed
5/11/22  
Refer
5/20/22  
Report Pass
6/2/22  
Enrolled
6/16/22  

Caption

Uniform Limited Partnership Act

Impact

The impact of H7603 on state laws includes the repeal of the existing Chapter 7-13 governing limited partnerships and its replacement with updated statutes that reflect modern business practices. This bill introduces a more streamlined process for partnerships to operate in both local and interstate contexts. Key provisions enhance the transparency of partnership activities and governance, while also setting forth clearer definitions of partners' rights and liabilities in various business scenarios. These changes are anticipated to foster a more conducive environment for business growth within the state.

Summary

House Bill H7603 aims to enact the Uniform Limited Partnership Act in Rhode Island, which seeks to standardize the framework and regulations governing limited partnerships in the state. This legislation is designed to simplify and clarify the process of forming and managing limited partnerships, addressing gaps in the existing law. It encompasses comprehensive definitions, provisions for the formation, management, and dissolution of limited partnerships, as well as a framework for mergers and domestications of these entities, ensuring they can engage in cross-state activities more efficiently.

Contention

While supporters argue that H7603 will facilitate easier business operations and attract more investments in Rhode Island, there are concerns voiced by some advocates for small businesses. They worry that the changes could inadvertently favor larger entities that can more easily navigate the complexities introduced by the new regulations. Critics also note that the increased emphasis on compliance could result in higher operational costs for smaller partnerships, potentially hindering entrepreneurship in more vulnerable business sectors.

Companion Bills

No companion bills found.

Previously Filed As

RI S2812

Uniform Limited Partnership Act

RI S2129

Uniform Limited Partnership Act

RI H7753

Uniform Partnership Act

RI S2813

Uniform Partnership Act

RI S2128

Uniform Partnership Act

RI HB2455

Updating the Kansas general corporation code, the business entity transactions act, the business entity standard treatment act, the Kansas revised uniform limited partnership act and the Kansas uniform partnership act.

RI SB112

An Act To Amend Title 6 Of The Delaware Code Relating To The Creation, Regulation, Operation, And Dissolution Of Domestic Limited Partnerships And The Registration And Regulation Of Foreign Limited Partnerships.

RI SB244

House Substitute for SB 244 by Committee on Judiciary - Updating the Kansas general corporation code, the business entity transactions act, the business entity standard treatment act, the Kansas revised uniform limited partnership act and the Kansas uniform partnership act.

RI SB261

Corporations and Associations - Limited Liability Companies and Partnerships - Operating Agreements and Partnership Agreements

RI HB342

Corporations and Associations - Limited Liability Companies and Partnerships - Operating Agreements and Partnership Agreements

Similar Bills

RI S2812

Uniform Limited Partnership Act

RI S2129

Uniform Limited Partnership Act

RI H7753

Uniform Partnership Act

RI S2813

Uniform Partnership Act

RI S2128

Uniform Partnership Act

AL HB200

Alabama Business and Nonprofit Entity Code revised; makes technical changes and corrects references, and codifies practices relating to electronic filing and name reservations

AL SB197

Alabama Business and Nonprofit Entity Code revised; makes technical changes and corrects references, and codifies practices relating to electronic filing and name reservations

TX SB748

Relating to business entities and associations.