Rhode Island Law Permits LLPs and LLCs to Render Professional Services and Conversion of General Partnerships to LLCs
Rhode Island House Bill 6757, effective July 28, 2002, permits domestic
or foreign limited liability partnerships or limited liability companies to
render professional services as defined in Section 7-5.1-2(1). In addition,
the law requires any limited liability company that performs professional
services to maintain limits of $500,000 in liability insurance coverage or
$500,000 in funds specifically designated and segregated for the satisfaction
of judgments against the limited liability company.
House Bill 6757 also permits domestic or foreign general partnerships to
convert to limited liability companies by filing articles of organization
or an amendment or restatement of the articles of organization of an existing
limited liability company, accompanied by a certificate of conversion. The
certificate of conversion will be added to the Forms Library at www.incspot.com
as soon as it becomes available.
To review the full text of the bill, go to http://www.rilin.state.ri.us/Billtext/BillText02/HouseText02/H6757.pdf
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