Rhode Island H7477 updates the state's limited liability company law with a new model act.

Rhode Island H7477 replaces the existing limited liability company act with a newer and updated model act. This act modernizes existing requirements for the formation, dissolution, winding up, merger, conversion, and domestication of limited liability companies (LLCs). It revises statutory provisions concerning the rights, obligations, and fiduciary duties of LLC constituents. The act makes the operating agreement the central document governing LLCs, affecting areas such as member management, member voting rights, and the allocation of profits and losses.

Rhode Island H7477 updates the state's limited liability company law with a new model act.

Rhode Island H7477 replaces the existing limited liability company act with a newer and updated model act. This act modernizes existing requirements for the formation, dissolution, winding up, merger, conversion, and domestication of limited liability companies (LLCs). It revises statutory provisions concerning the rights, obligations, and fiduciary duties of LLC constituents. The act makes the operating agreement the central document governing LLCs, affecting areas such as member management, member voting rights, and the allocation of profits and losses.