This bill allows a limited liability company (LLC) to convert into either a domestic corporation or a limited liability partnership (LLP) under specified conditions. The conversion requires the approval of all members or a percentage as outlined in the operating agreement. A written plan of conversion must be submitted, detailing the terms of the conversion, including the interests of members and the structure of the new entity. The bill also stipulates that the conversion does not require the LLC to wind up its affairs or dissolve, and it ensures that all property, debts, and obligations remain intact post-conversion.

Additionally, the bill introduces new definitions related to the conversion process and amends existing legal language in Section 35-8-1205 of the Montana Code Annotated. Notably, it clarifies terms such as "converted entity," "converting entity," and "converting limited liability company," while also specifying that the converted entity will be treated as the same entity as the original LLC without interruption. The effective date of the conversion can be set to a later time, not exceeding 90 days after filing.

Statutes affected:
LC Text: 35-8-307
HB0463_1(1): 35-8-307
HB0463_1(2): 35-8-307
HB0463_1(3): 35-8-307
HB0463_1(4): 35-8-307
HB0463_1(5): 35-8-307
HB0463_1: 35-8-307
HB0463_2(1): 35-8-1205
HB0463_2(10): 35-8-1205
HB0463_2(11): 35-8-1205
HB0463_2(12): 35-8-1205
HB0463_2(13): 35-8-1205
HB0463_2(14): 35-8-1205
HB0463_2(15): 35-8-1205
HB0463_2(16): 35-8-1205
HB0463_2(17): 35-8-1205
HB0463_2(2): 35-8-1205
HB0463_2(3): 35-8-1205
HB0463_2(4): 35-8-1205
HB0463_2(5): 35-8-1205
HB0463_2(6): 35-8-1205
HB0463_2(7): 35-8-1205
HB0463_2(8): 35-8-1205
HB0463_2(9): 35-8-1205
HB0463_2: 35-8-1205
HB0463_3(1): 35-8-1205
HB0463_3(10): 35-8-1205
HB0463_3(2): 35-8-1205
HB0463_3(3): 35-8-1205
HB0463_3(4): 35-8-1205
HB0463_3(5): 35-8-1205
HB0463_3(6): 35-8-1205
HB0463_3(7): 35-8-1205
HB0463_3(8): 35-8-1205
HB0463_3(9): 35-8-1205
HB0463_3: 35-8-1205
HB0463_X(1): 35-8-1205
HB0463_X(10): 35-8-1205
HB0463_X(11): 35-8-1205
HB0463_X(12): 35-8-1205
HB0463_X(13): 35-8-1205
HB0463_X(2): 35-8-1205
HB0463_X(3): 35-8-1205
HB0463_X(4): 35-8-1205
HB0463_X(5): 35-8-1205
HB0463_X(6): 35-8-1205
HB0463_X(7): 35-8-1205
HB0463_X(8): 35-8-1205
HB0463_X(9): 35-8-1205
HB0463_X: 35-8-1205