This bill allows a limited liability company (LLC) to convert into either a domestic corporation or a limited liability partnership (LLP) in Montana. The conversion requires the approval of all members or a specified percentage as outlined in the operating agreement. The bill mandates that a written plan of conversion be submitted, detailing the terms of the conversion, including the interests of members and the structure of the new entity. Additionally, it specifies that the conversion does not require the LLC to wind up its affairs or dissolve, and it preserves the rights and obligations of the converting entity.

The bill also 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 to incorporate these definitions and clarify the legal framework surrounding the conversion process. The effective date of the conversion is also addressed, allowing for a specified timeframe for the conversion to take effect after filing the necessary documents with the Secretary of State.

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