This bill amends the Uniform Partnership Act in Iowa to facilitate the conversion of domestic partnerships into various forms of domestic or foreign organizations. It introduces new definitions and processes for conversion, allowing a domestic partnership to convert into another type of organization, provided that the governing statute of the new organization permits such a conversion and that the conversion complies with applicable laws. The bill outlines the requirements for a plan of conversion, which must be approved by the partners and include details such as the name and type of the converted organization, the terms of conversion, and the necessary organizational documents.

Additionally, the bill specifies the effects of conversion, stating that all property, debts, 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 retains provisions that hold general partners liable for obligations incurred before the conversion takes effect. The bill includes a new fee for filing articles of conversion and updates certain legal language regarding organizational documents, such as changing "articles" to "certificate" for limited liability companies.

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