The bill allows a limited liability company (LLC) to convert into either a domestic corporation or a limited liability partnership (LLP) under specific conditions. It mandates that all members of the LLC must agree to the conversion, and outlines the necessary documentation that must be submitted in writing, including a plan of conversion detailing the terms and conditions of the conversion. The bill also specifies that the conversion does not require the LLC to wind up its affairs or result in its dissolution.

Additionally, the bill introduces new definitions related to the conversion process, including terms such as "converted entity," "converting entity," and "converting limited liability company." It amends existing legal language in Section 35-8-1205, removing certain phrases while adding clarifications to ensure consistency with the new provisions. The effective date of the conversion is also addressed, allowing for a specified timeframe for the conversion to take effect.

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(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: 35-8-1205