This bill aims to revise business laws in Montana by allowing for the domestication of various types of entities, including limited liability companies, professional limited liability companies, limited liability partnerships, professional limited liability partnerships, benefit corporations, and nonprofit corporations. It establishes a framework for a plan of domestication, which includes provisions for approval, amendment, or abandonment of such plans. Notably, the bill introduces new legal language, replacing "a statement" with "articles" of domestication, and provides definitions for key terms related to the domestication process.

Additionally, the bill outlines the requirements for a plan of domestication, including the necessary approvals from interest holders and the conditions under which a domestication can be abandoned. It clarifies that once a domestication becomes effective, the domesticated entity retains all property, debts, and obligations of the domesticating entity without interruption. The bill also emphasizes that the domestication process does not require the winding up of the entity's affairs or constitute its dissolution. Overall, this legislation seeks to streamline the process for entities wishing to change their jurisdiction while maintaining their legal continuity.