Rhode Island General Laws 7-12.1-1151. Domestication authorized
(a) By complying with this part, a domestic limited liability partnership may become a foreign limited liability partnership if the domestication is authorized by the law of the foreign jurisdiction.
Terms Used In Rhode Island General Laws 7-12.1-1151
- Domestication: means a transaction authorized by Rhode Island General Laws 7-12.1-1101
- Foreign limited liability partnership: means a foreign partnership whose partners have limited liability for the debts, obligations, or other liabilities of the foreign partnership under a provision similar to Rhode Island General Laws 7-12.1-102
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Jurisdiction of formation: means the jurisdiction whose law governs the internal affairs of an entity. See Rhode Island General Laws 7-12.1-102
- Merger: means a transaction authorized by Rhode Island General Laws 7-12.1-1101
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Protected agreement: means :
(i) A record evidencing indebtedness and any related agreement in effect on January 1, 2023;
(ii) An agreement that is binding on an entity on January 1, 2023;
(iii) The organic rules of an entity in effect on January 1, 2023; or
(iv) An agreement that is binding on any of the governors or interest holders of an entity on January 1, 2023. See Rhode Island General Laws 7-12.1-1101
(b) By complying with the provisions of this part applicable to foreign limited liability partnerships, a foreign limited liability partnership may become a domestic limited liability partnership if the domestication is authorized by the law of the foreign limited liability partnership’s jurisdiction of formation.
(c) If a protected agreement contains a provision that applies to a merger of a domestic limited liability partnership but does not refer to a domestication, the provision applies to a domestication of the limited liability partnership as if the domestication were a merger until the provision is amended after January 1, 2023.
History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective January 1, 2023.