House bill 6757, which went into effect July 28, removes all prior restrictions on the kinds of businesses that can choose to be a limited liability company or a limited liability partnership.
The act allows all professions listed under Section 7-5.1-2 of the Rhode Island General Laws, to elect to form as either a limited liability company and/or limited liability partnership. This includes, but is not limited to: accountants, architects, dentists, doctors, engineers, lawyers, nurses, physical therapists, landscape architects, and veterinarians.
People should check with the applicable regulatory agency to obtain information regarding the adoption of amendment of its rules and regulations regarding a domestic or foreign limited liability company and/or limited liability partnership rendering professional services.
This act also provides for the conversion of a general partnership to a limited liability company. A new conversion form (Form 611) and accompanying instruction sheet will soon be available online www.state.ri.us.
