Rhode Island Business Climate Reform Act introduces a franchise fee for corporations, LLCs, and partnerships, replacing the corporation tax.

The Rhode Island Business Climate Reform Act introduces a franchise fee system for corporations, limited liability companies (LLCs), and partnerships, replacing the corporation tax. The fee varies based on the number of authorized shares, ranging from $450 for corporations with 5,000 or fewer shares to $1,000 for those with 10,001 or more shares. The act also establishes a court of chancery to handle equity actions, sets provisions for arbitrations, and eliminates the cap on the homestead estate exemption. It allows for anonymous LLC filings and permits trusts to last up to 1,000 years.

Rhode Island Business Climate Reform Act introduces a franchise fee for corporations, LLCs, and partnerships, replacing the corporation tax.

The Rhode Island Business Climate Reform Act introduces a franchise fee system for corporations, limited liability companies (LLCs), and partnerships, replacing the corporation tax. The fee varies based on the number of authorized shares, ranging from $450 for corporations with 5,000 or fewer shares to $1,000 for those with 10,001 or more shares. The act also establishes a court of chancery to handle equity actions, sets provisions for arbitrations, and eliminates the cap on the homestead estate exemption. It allows for anonymous LLC filings and permits trusts to last up to 1,000 years.