House Bill No. [insert number] seeks to modernize business laws in Montana by facilitating the domestication of various business entities, such as limited liability companies, professional limited liability companies, limited liability partnerships, benefit corporations, and nonprofit corporations. The bill establishes a structured process for domestication, which includes creating a plan of domestication, meeting approval requirements, and provisions for amending or abandoning the plan. It notably replaces the term "statement" with "articles" in the context of required documentation and introduces new definitions and clarifications related to the entities involved in the domestication process.

Additionally, the bill outlines the steps for a domestic entity to transition to a foreign entity and vice versa, ensuring compliance with both Montana law and the laws of the foreign jurisdiction. It emphasizes that the domestication process does not require winding up the entity's affairs or constitute dissolution. The bill also introduces a non-exclusivity clause, allowing for the same results to be achieved through various lawful means, and permits plans of domestication to reference external facts that may influence the plan. Furthermore, it includes a codification instruction for the new sections to be added to Title 35, chapter 8, while deleting references to sections 1 through 6 and replacing them with sections 1 through 9, thereby expanding the legislation's scope.