The bill amends the Uniform Partnership Act in Iowa to allow for the conversion of domestic partnerships into various forms of domestic or foreign organizations. It establishes definitions for terms such as "converted organization," "converting organization," and "organizational document," and outlines the requirements for a partnership to convert to another type of organization. The conversion process requires a plan that must be approved by all partners or a specified percentage in the partnership agreement, and the partnership must file articles of conversion with the secretary of state. The conversion takes effect upon filing, and general partners remain liable for obligations incurred before the conversion.

Additionally, the bill clarifies the effects of conversion, stating that all property and obligations of the converting organization will transfer to the converted organization, and any pending legal actions will continue as if the conversion had not occurred. It also includes provisions for converted foreign organizations, requiring them to consent to the jurisdiction of Iowa courts for obligations incurred prior to conversion. The bill introduces a new fee for articles of conversion and updates certain legal language regarding organizational documents, specifically changing "articles" to "certificate" for limited liability companies.

Statutes affected:
Introduced: 486A.901, 486A.902, 486A.904, 486A.1202, 488.1101