It is enacted by the General Assembly as follows

SECTION 1. Section 7-12-31.1 of the General Laws in Chapter 7-12 entitled "Partnerships" is hereby amended to read as follows:

7-12-31.1. Nature of business. -- (1) Except as provided in subsection (2) of this section, a registered limited liability partnership or a foreign registered limited liability partnership may conduct any lawful business in this state.

(2)(a) A registered limited liability partnership or a foreign registered limited liability partnership may not render professional services as defined in section 7-5.1-2 of the general laws, except that a registered limited liability partnership may engage in the practice of public accountancy pursuant to title 5, chapter 3 of the general laws {ADD or in the practice of law pursuant to Article II, III, IV and V of the Supreme Court rules ADD} .

(b) A registered limited liability partnership or foreign registered limited liability partnership that is engaged in the practice of public accountancy in this state is subject to the laws and regulations of this state governing the practice of public accountancy by partnerships. Nothing in this act shall affect the authority of the Rhode Island board of accountancy or regulate the practice of public accountancy.

{ADD (c) A registered limited liability partnership or foreign registered limited liability partnership that is engaged in the practice of law in this state is subject to the laws and regulations of this state governing the practice of law by partnerships. Nothing in this act shall affect the authority of the Rhode Island Supreme Court to regulate the practice of law. ADD}

SECTION 2. This act shall take effect upon passage.