AB854,174,22 19(2) (a) When a merger takes effect, the department is an agent of any foreign
20surviving entity for service of process in a proceeding to enforce any obligation or the
21rights of interest holders, in their capacity as such, of each domestic limited
22partnership constituent entity.
AB854,174,2523 (b) When a merger takes effect, any foreign surviving entity shall timely honor
24the rights and obligations of interest holders under this chapter with respect to each
25domestic limited partnership constituent entity.
AB854,175,6
1(3) When a merger takes effect, any foreign surviving entity may be served with
2process in this state for the collection and enforcement of any debts, obligations, or
3other liabilities of a domestic merging entity in the manner provided in s. 179.0121,
4except that references to the department in that section shall be treated as references
5to the appropriate authority under the foreign surviving entity's governing law for
6purposes of applying this subsection.
AB854,175,11 7179.1131 Interest exchange authorized. (1) A domestic limited
8partnership may acquire all of one or more classes or series of interests of another
9domestic or foreign entity pursuant to ss. 179.1131 to 179.1135 and a plan of interest
10exchange if the interest exchange is permitted under the governing law applicable
11to the partnership and the acquired entity.
AB854,175,16 12(2) All of one or more classes or series of interests of a domestic limited
13partnership may be acquired by another domestic or foreign entity pursuant to ss.
14179.1131 to 179.1135 and a plan of interest exchange if the interest exchange is
15permitted under the governing law applicable to the acquiring entity and the
16partnership.
AB854,175,18 17179.1132 Plan of interest exchange. (1) A plan of interest exchange must
18be in a record and contain all of the following:
AB854,175,2019 (a) As to both the acquiring entity and the acquired entity, its name, type of
20entity, and governing law.
AB854,175,2121 (b) The terms and conditions of the interest exchange.
AB854,175,2422 (c) The manner and basis of exchanging the interests to be acquired for
23interests, securities, or obligations of the surviving entity, rights to acquire such
24interests or securities, money, other property, or any combination of the foregoing.
AB854,176,3
1(d) Any proposed amendments to the organizational documents of the
2acquiring or acquired entity that will take effect when the interest exchange becomes
3effective.
AB854,176,54 (e) Any other matters required under the governing law of the acquired or
5acquiring entity.
AB854,176,66 (f) A statement whether s. 179.1161 applies to the interest exchange.
AB854,176,9 7(2) In addition to the requirements of sub. (1), a plan of interest exchange may
8contain any other provision relating to the interest exchange and not prohibited by
9law.
AB854,176,13 10179.1133 Approval of interest exchange; amendment; abandonment.
11(1) Subject to s. 179.1161, a plan of interest exchange must be approved by a vote
12or consent of all of the following with respect to each domestic limited partnership
13acquired entity:
AB854,176,1414 (a) All general partners.
AB854,176,1615 (b) Partners owning a majority of the rights to receive distributions, whether
16as a general partner, limited partner, or both.
AB854,176,23 17(2) Subject to s. 179.1161 and the governing law of each of the acquiring entity
18and acquired entity, after a plan of interest exchange is approved, and at any time
19before an interest exchange becomes effective, except as otherwise provided in the
20plan of interest exchange, the acquiring and acquired entities may amend the plan
21of interest exchange or abandon the interest exchange as provided in the plan of
22interest exchange with the same vote or consent as was required to approve the plan
23of interest exchange.
AB854,177,7 24(3) If, after articles of interest exchange have been delivered to the department
25for filing and before the interest exchange becomes effective, the plan of interest

1exchange is amended in a manner that requires an amendment to the articles of
2interest exchange or if the interest exchange is abandoned, a statement of
3amendment or abandonment, signed by either the acquiring entity or the acquired
4entity, must be delivered to the department for filing before the interest exchange
5becomes effective. When a statement of abandonment becomes effective, the interest
6exchange is abandoned and does not become effective. The statement of amendment
7or abandonment must contain all of the following:
AB854,177,88 (a) The name of the acquiring and acquired entities.
AB854,177,99 (b) The amendment to or abandonment of the articles of interest exchange.
AB854,177,1110 (c) A statement that the amendment or abandonment was approved in
11accordance with this section.
AB854,177,14 12(4) In addition to approval under sub. (1), a plan of interest exchange must be
13approved by any acquiring or acquired entity that is not a domestic limited
14partnership in accordance with any requirements of its governing law.
AB854,177,19 15179.1134 Filings required for interest exchange; effective date. (1)
16After an interest exchange has been approved with respect to the acquiring and
17acquired entity in accordance with their governing laws, the acquiring entity shall
18deliver, or cause to be delivered, to the department for filing articles of interest
19exchange setting forth all of the following:
AB854,177,2020 (a) The name, type of entity, and governing law of the acquired entity.
AB854,177,2121 (b) The name, type of entity, and governing law of the acquiring entity.
AB854,177,2322 (c) A statement that the plan of interest exchange has been approved by the
23acquired and acquiring entities in accordance with their respective governing laws.
AB854,178,3
1(d) Any amendments to the organizational documents of the acquired or
2acquiring entity that are to be in a public record under their respective governing
3laws or, if there are no such amendments, a statement to that effect.
AB854,178,54 (e) A statement that the plan of interest exchange is on file at the principal
5office of the acquiring entity.
AB854,178,76 (f) A statement that upon request the acquiring entity will provide a copy of the
7plan of interest exchange to any interest holder of the acquired entity.
AB854,178,10 8(2) In addition to the requirements of sub. (1), articles of interest exchange may
9contain any other provisions relating to the interest exchange, as determined by the
10acquiring entity in accordance with the plan of interest exchange.
AB854,178,12 11(3) An interest exchange takes effect at the effective date and time of the
12articles of interest exchange.
AB854,178,14 13179.1135 Effect of interest exchange. (1) When an interest exchange
14becomes effective, all of the following apply:
AB854,178,2115 (a) The interests in the acquired entity which are the subject of the interest
16exchange are exchanged as provided in the plan of interest exchange, and the former
17interest holders of those interests are entitled only to the rights provided to them
18under the plan of interest exchange or to their rights, if any, under ss. 178.1161,
19179.1161, 180.1301 to 180.1331, 181.1180, or otherwise under the governing law of
20the acquired entity. All other terms and conditions of the interest exchange also take
21effect.
AB854,178,2322 (b) The acquiring entity becomes the interest holder of the interests which are
23the subject of the interest exchange as provided in the plan of interest exchange.
AB854,179,224 (c) The provisions of the organizational documents of the acquiring and
25acquired entity are amended to the extent, if any, provided in the plan of interest

1exchange and to the extent such amendments are to be reflected in a public record,
2as provided in the articles of interest exchange.
AB854,179,6 3(2) Except as otherwise provided in the articles and plan of interest exchange,
4if the acquired entity is a domestic or foreign partnership, limited liability company,
5or other organization subject to dissolution under its governing law, the interest
6exchange does not dissolve the acquired entity.
AB854,179,8 7(3) (a) Except as provided in this subsection, no interest holder shall have
8interest holder liability with respect to either the acquiring or acquired entity.
AB854,179,159 (b) If, under the governing law of either entity, one or more of the interest
10holders thereof had interest holder liability prior to the interest exchange with
11respect to the entity, such interest holder or holders shall continue to have such
12liability and any associated contribution and other rights to the extent provided in
13such governing law with respect to debts, obligations, and other liabilities of the
14entity that accrued during the period or periods in which such interest holder or
15holders had such interest holder liability.
AB854,179,2116 (c) If, under the governing law of either entity, one or more of the interest
17holders thereof will have interest holder liability after the interest exchange with
18respect to the entity, such interest holder or holders shall have such liability and any
19associated contribution and other rights to the extent provided in such governing law
20with respect to the debts, obligations, and other liabilities of the entity that accrue
21on or after the interest exchange.
AB854,179,2222 (d) This subsection does not affect liability under any taxation laws.
AB854,180,2 23(5) (a) When an interest exchange takes effect, the department is an agent of
24any foreign acquiring entity for service of process in a proceeding to enforce any

1obligation or the rights of interest holders, in their capacity as such, of each domestic
2limited partnership acquired entity.
AB854,180,53 (b) When an interest exchange takes effect, any foreign acquiring entity shall
4timely honor the rights and obligations of interest holders under this chapter with
5respect to each domestic limited partnership acquired entity.
AB854,180,11 6(6) When an interest exchange takes effect, any foreign acquiring entity may
7be served with process in this state for the collection and enforcement of any debts,
8obligations, or other liabilities of a domestic acquired entity in the manner provided
9in s. 179.0121, except that references to the department in that section shall be
10treated as references to the appropriate authority under the foreign acquiring
11entity's governing law for purposes of applying this subsection.
AB854,180,16 12179.1141 Conversion authorized. (1) A domestic limited partnership may
13convert to another type of domestic entity, or to any type of foreign entity, pursuant
14to ss. 179.1141 to 179.1145 and a plan of conversion if the conversion is permitted
15under the governing law of the converting entity and the governing law that is to
16apply to the converted entity.
AB854,180,21 17(2) A foreign or domestic entity, other than a domestic limited partnership, may
18convert to a domestic limited partnership pursuant to ss. 179.1141 to 179.1145 and
19a plan of conversion if the conversion is permitted under the governing law of the
20converting entity and the converted entity will satisfy the definition of a limited
21partnership under this chapter immediately after the conversion.
AB854,180,23 22179.1142 Plan of conversion. (1) A plan of conversion must be in a record
23and contain all of the following:
AB854,180,2424 (a) The name, type of entity, and governing law of the converting entity.
AB854,180,2525 (b) The name, type of entity, and governing law of the converted entity.
AB854,181,1
1(c) The terms and conditions of the conversion.
AB854,181,42 (d) The manner and basis of converting the interests in the converting entity
3into interests, securities, or obligations of the surviving entity, rights to acquire such
4interests or securities, money, other property, or any combination of the foregoing.
AB854,181,65 (e) The organizational documents of the converted entity that are to be in a
6record immediately after the conversion becomes effective.
AB854,181,87 (f) Any other matters required by the governing law of the converting or the
8converted entity.
AB854,181,10 9(2) In addition to the requirements of sub. (1), a plan of conversion may contain
10any other provision relating to the conversion and not prohibited by law.
AB854,181,13 11179.1143 Approval of conversion; amendment; abandonment. (1) (a)
12Subject to s. 179.1161, a plan of conversion must be approved by a vote or consent of
13all of the following with respect to a converting domestic limited partnership:
AB854,181,1414 1. All general partners.
AB854,181,1615 2. Partners owning a majority of the rights to receive distributions, whether
16as a general partner, limited partner, or both.
AB854,181,1817 (b) A plan of conversion into a domestic limited partnership converted entity
18must be approved pursuant to the governing law of the converting entity.
AB854,181,24 19(2) Subject to s. 179.1161 and the governing law of each of the converting entity
20and converted entity, after a plan of conversion is approved, and at any time before
21a conversion becomes effective, except as otherwise provided in the plan of
22conversion, the converting entity may amend the plan of conversion or abandon the
23conversion as provided in the plan of conversion with the same vote or consent as was
24required to approve the plan of conversion.
AB854,182,8
1(3) If, after articles of conversion have been delivered to the department for
2filing and before the conversion becomes effective, the plan of conversion is amended
3in a manner that requires an amendment to the articles of conversion or if the
4conversion is abandoned, a statement of amendment or abandonment, signed by the
5converting entity, must be delivered to the department for filing before the
6conversion becomes effective. When a statement of abandonment becomes effective,
7the conversion is abandoned and does not become effective. The statement of
8amendment or abandonment must contain all of the following:
AB854,182,109 (a) The name of the converting entity and the converted entity under the plan
10of conversion.
AB854,182,1111 (b) The amendment to or abandonment of the articles of conversion.
AB854,182,1312 (c) A statement that the amendment or abandonment was approved in
13accordance with this section.
AB854,182,17 14179.1144 Filings required for conversion; effective date. (1) After the
15converting entity has approved a plan of conversion in accordance with its governing
16law, the converting entity shall deliver, or cause to be delivered, to the department
17for filing articles of conversion setting forth all of the following:
AB854,182,1818 (a) The name, type of entity, and governing law of the converting entity.
AB854,182,1919 (b) The name, type of entity, and governing law of the converted entity.
AB854,182,2120 (c) A statement that the plan of conversion has been approved and adopted by
21the converting entity in accordance with its governing law.
AB854,182,2322 (d) Any organizational documents of the converted entity that are to be in a
23public record under its governing law.
AB854,182,2524 (e) A statement that the plan of conversion is on file at the principal office of
25the converted entity.
AB854,183,2
1(f) A statement that upon request the converted entity will provide a copy of
2the plan of conversion to any interest holder of the converting entity.
AB854,183,33 (g) A statement whether s. 179.1161 applies to the conversion.
AB854,183,6 4(2) In addition to the requirements of sub. (1), the articles of conversion may
5contain any other provisions relating to the conversion, as determined by the
6converting entity in accordance with the plan of conversion.
AB854,183,10 7(3) If the converted entity is a foreign entity that will be required to register
8to do business in this state immediately after the conversion and it has not previously
9registered to do so or been assigned a registration to do so under s. 179.1009, it shall
10so register.
AB854,183,12 11(4) A conversion takes effect at the effective date and time of the articles of
12conversion.
AB854,183,14 13179.1145 Effect of conversion. (1) When a conversion becomes effective, all
14of the following apply:
AB854,183,1815 (a) The converting entity continues its existence in the form of the converted
16entity and is the same entity that existed before the conversion, except that the
17converting entity is no longer subject to the governing law that applied prior to the
18conversion and is subject to the governing law of the converted entity.
AB854,183,2019 (am) 1. Except as provided in this paragraph, no interest holder shall have
20interest holder liability with respect to the converting or converted entity.
AB854,184,221 2. If, under the governing law of the converting entity, one or more of the
22interest holders thereof had interest holder liability prior to the conversion with
23respect to the converting entity, such interest holder or holders shall continue to have
24such liability and any associated contribution and other rights to the extent provided
25in such governing law with respect to the debts, obligations, and other liabilities of

1the converting entity that accrued during the period or periods in which such interest
2holder or holders had such interest holder liability.
AB854,184,83 3. If, under the governing law of the converted entity, one or more of the interest
4holders thereof will have interest holder liability after the conversion with respect
5to the converted entity, such interest holder or holders will have such liability and
6any associated contribution and other rights to the extent provided in such governing
7law with respect to the debts, obligations, and other liabilities of the converted entity
8that accrue after the conversion.
AB854,184,99 4. This paragraph does not affect liability under any taxation laws.
AB854,184,1110 (b) The title to all property owned by the converting entity is vested in the
11converted entity without transfer, reversion, or impairment.
AB854,184,1312 (c) The converted entity has all debts, obligations, and other liabilities of the
13converting entity.
AB854,184,1614 (d) A civil, criminal, or administrative proceeding pending by or against the
15converting entity may be continued as if the conversion did not occur, or the
16converted entity may be substituted in the proceeding for the converting entity.
AB854,184,1917 (e) The organizational documents of the converted entity are as provided in the
18plan of conversion and, to the extent such organizational documents are to be
19reflected in a public record, as provided in the articles of conversion.
AB854,185,220 (f) The interests of the converting entity that are to be converted into interests,
21securities, or obligations of the surviving entity, rights to acquire such interests or
22securities, money, other property, or any combination of the foregoing, are converted
23as provided in the plan of conversion, and the former interest holders of the
24converting entity are entitled only to the rights provided in the plan of conversion or
25to their rights, if any, under ss. 178.1161, 179.1161, 180.0301 to 180.1331, 181.1180,

1or otherwise under the governing law of the converting entity. All other terms and
2conditions of the conversion also take effect.
AB854,185,53 (g) Except as prohibited by other law or as otherwise provided in the articles
4and plan of conversion, all of the rights, privileges, immunities, powers, and
5purposes of the converting entity vest in the converted entity.
AB854,185,96 (h) Except as otherwise provided in the articles and plan of conversion, if the
7converting entity is a partnership, limited liability company, or other entity subject
8to dissolution under its governing law, the conversion does not dissolve the
9converting entity for the purposes of its governing law.
AB854,185,13 10(2) (a) When a conversion takes effect, the department is an agent of any
11foreign converted entity for service of process in a proceeding to enforce any
12obligation or the rights of interest holders, in their capacity as such, of any domestic
13limited partnership converting entity.
AB854,185,1614 (b) When a conversion takes effect, any foreign converted entity shall timely
15honor the rights and obligations of interest holders under this chapter with respect
16to any domestic limited partnership converting entity.
AB854,185,22 17(3) When a conversion takes effect, any foreign converted entity may be served
18with process in this state for the collection and enforcement of any debts, obligations,
19or other liabilities of a domestic converting entity in the manner provided in s.
20179.0121, except that references to the department in that section shall be treated
21as references to the appropriate authority under the foreign converted entity's
22governing law for purposes of applying this subsection.
Loading...
Loading...