17-7685. Conversion of limited liability company to certain entities. - Kansas Statutes

17-7685

Chapter 17.--CORPORATIONS Article 76.--LIMITED LIABILITY COMPANIES

      17-7685.   Conversion of limited liability company to certain entities. A domestic limited liability company may convert to a business trust or association, a real estate investment trust, a common-law trust, a general partnership (including a registered limited liability partnership) a limited partnership or a limited liability partnership, organized, formed or created under the laws of the state of Kansas, upon the authorization of such conversion in accordance with this section. If the operating agreement specifies the manner of authorizing a conversion of the limited liability company, the conversion shall be authorized as specified in the operating agreement. If the operating agreement does not specify the manner of authorizing a conversion of the limited liability company and does not prohibit a conversion of the limited liability company, the conversion shall be authorized in the same manner as is specified in the operating agreement for authorizing a merger or consolidation that involves the limited liability company as a constituent party to the merger or consolidation. If the operating agreement does not specify the manner of authorizing a conversion of the limited liability company or a merger or consolidation that involves the limited liability company as a constituent party and does not prohibit a conversion of the limited liability company, the conversion shall be authorized by the approval by majority in interest of the members.

      History:   L. 1999, ch. 119, § 24; Jan. 1, 2000.