In June of 2022, Rhode Island enacted the Revised Uniform Limited Partnership Act (House Bill 7603) and the Revised Uniform Partnership Act (House Bill 7753). These Acts go into effect on January 1, 2023. Here are some of the noteworthy changes from a corporate filing perspective:
- Limited Partnerships (LPs) can opt to become Limited Liability Limited Partnerships (LLLPs).
- LPs, Limited Liability Partnerships (LPs), and LLLPs are permitted to have a perpetual status and will be required to file annual reports. Existing partnerships will be required to file their first annual report by May 1, 2024.
You can find more information, including the text of the bills, on the Rhode Island General Assembly website at State of Rhode Island General Assembly (rilegislature.gov).