Kentucky Statutes 362.2-952 – Conversion
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(1) Subject to KRS § 362.2-960, a partnership may be converted to a limited partnership as provided in KRS § 362.1-902.
(2) Subject to KRS § 362.2-960, a limited partnership may be converted to a partnership as provided in KRS § 362.1-903.
(3) Subject to KRS § 362.2-960, a limited partnership may be converted to a limited liability company as provided in KRS § 275.370.
(4) A limited liability company may be converted to a limited partnership pursuant to this section and KRS § 362.2-953, 362.2-954, and 362.2-955 and a plan of conversion, if:
(a) The limited liability companies’ governing statute authorizes the conversion; (b) The conversion is not prohibited by the law of the jurisdiction that enacted
that governing statute; and
(c) The limited liability company complies with its governing statute in effecting the conversion.
(5) A plan of conversion of a limited liability company into a limited partnership shall be in a record and shall include:
(a) The name of the limited liability company before conversion; (b) The name of the converted limited partnership;
(c) The terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted limited partnership, and other consideration; and
(d) The organizational documents of the converted limited partnership.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 177, effective July 12, 2006.
Formerly codified as KRS § 362.2-1102.
(2) Subject to KRS § 362.2-960, a limited partnership may be converted to a partnership as provided in KRS § 362.1-903.
Terms Used In Kentucky Statutes 362.2-952
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 362.2-102
- Statute: A law passed by a legislature.
(3) Subject to KRS § 362.2-960, a limited partnership may be converted to a limited liability company as provided in KRS § 275.370.
(4) A limited liability company may be converted to a limited partnership pursuant to this section and KRS § 362.2-953, 362.2-954, and 362.2-955 and a plan of conversion, if:
(a) The limited liability companies’ governing statute authorizes the conversion; (b) The conversion is not prohibited by the law of the jurisdiction that enacted
that governing statute; and
(c) The limited liability company complies with its governing statute in effecting the conversion.
(5) A plan of conversion of a limited liability company into a limited partnership shall be in a record and shall include:
(a) The name of the limited liability company before conversion; (b) The name of the converted limited partnership;
(c) The terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted limited partnership, and other consideration; and
(d) The organizational documents of the converted limited partnership.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 177, effective July 12, 2006.
Formerly codified as KRS § 362.2-1102.