(a)  This chapter governs only:

(1)  A partnership formed on or after January 1, 2023; and

(2)  Except as otherwise provided in subsection (c) of this section, a partnership formed before January 1, 2023, which elects, in the manner provided in its partnership agreement or by law for amending the partnership agreement, to be subject to this chapter.

Terms Used In Rhode Island General Laws 7-12.1-110

  • Business: includes every trade, occupation, and profession. See Rhode Island General Laws 7-12.1-102
  • 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.
  • Partnership agreement: means the agreement, whether or not referred to as a partnership agreement and whether oral, implied, in a record, or in any combination thereof, of all the partners of a partnership concerning the matters described in § 7-12. See Rhode Island General Laws 7-12.1-102

(b)  Except as otherwise provided in subsection (c) of this section, on and after January 1, 2023, this chapter governs all partnerships.

(c)  With respect to a partnership that elects pursuant to subsection (a)(2) of this section to be subject to this chapter, after the election takes effect the provisions of this chapter relating to the liability of the partnership’s partners to third parties apply to:

(1)  A third party that had not done business with the partnership in the year before the election took effect; and

(2)  A third party that had done business with the partnership in the year before the election took effect only if the third party knows or has been notified of the election.

History of Section.
P.L. 2022, ch. 123, § 2, effective January 1, 2023; P.L. 2022, ch. 124, § 2, effective January 1, 2023.