Rhode Island legislation · 2026 Regular Session
Rhode Island H8450: AN ACT RELATING TO CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS -- RHODE ISLAND BUSINESS CORPORATION ACT -- THE RHODE ISLAND BUSI
Status: Failed, April 28, 2026
AN ACT RELATING TO CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS -- RHODE ISLAND BUSINESS CORPORATION ACT -- THE RHODE ISLAND BUSINESS CLIMATE REFORM ACT (Adopts several concepts from other jurisdictions with the goal of promoting a stronger climate for business growth in Rhode Island, including a "Franchise Fee" in lieu of the corporation tax.)
What the bill says
An act of an arbitrator shall be deemed to be references to an act of a majority of the arbitrators. (4) "Business entity" means any corporation, association, partnership, or limited liability company as organized under title 7. (5) "Consumer" means an individual who seeks or acquires, by purchase or lease, any goods or services for personal, family, or household purposes. (6) "Final award" means an award designated as final and issued in an arbitration by an arbitrator. (7) "Organization" means a civic association, neighborhood alliance, homeowners maintenance corporation, homeowners maintena.
From the introduced text, April 15, 2026:
an act of an arbitrator shall be deemed to be references to an act of a majority of the arbitrators. (4) "Business entity" means any corporation, association, partnership, or limited liability company as organized under title 7. (5) "Consumer" means an individual who seeks or acquires, by purchase or lease, any goods or services for personal, family, or household purposes. (6) "Final award" means an award designated as final and issued in an arbitration by an arbitrator. (7) "Organization" means a civic association, neighborhood alliance, homeowners maintenance corporation, homeowners maintenance association, condominium association or other similar entity charged with or assuming the duties of maintaining the public areas, open space, or LC006320 - Page 12 of common facilities within a residential development or community. 9-36-2. Purpose of the chapter. The purpose of this chapter is to provide Rhode Island business, corporate and nonprofit entities a method by which the entities may resolve disputes in a prompt, cost-effective, and efficient manner, through voluntary arbitration conducted by expert arbitrators, and to ensure rapid resolution of those business disputes. This chapter is intended to provide an additional option by which sophisticated entities may resolve their disputes. Therefore, nothing in this chapter is intended to impair the ability of entities to use other arbitral procedures of the entities choosing, including procedures that afford lengthier …