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RI H7339
Bill
Status
1/28/2026
Primary Sponsor
David Place
Click for details
AI Summary
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LLC members may avoid dissolution by filing an election to purchase the petitioning member's interest at fair market value before the hearing or asset sale
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All non-petitioning members must receive notice and opportunity to join in purchasing a pro rata share of the petitioner's membership interest
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Courts determine fair market value using procedures in § 7-1.2-1202 if parties cannot agree, with valuation based on the date the dissolution petition was filed
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Petitioners receive interest at the civil judgment rate from the election filing date, while their ownership rights terminate on that same date
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Courts may order installment payments and allocate proceeding costs (including appraiser fees but not attorney fees) between parties as appropriate
Legislative Description
Permits a member or members of a limited-liability company to avoid dissolution by buying the membership interest owned by the other member or members seeking dissolution.
Corporations, Associations, And Partnerships
Last Action
Committee recommended measure be held for further study
2/3/2026