Laws Lawyers Find Laws Legal Forms State Laws

ILLINOIS STATUTES AND CODES

Article 11 - Conversion and Merger

Listen
(805 ILCS 215/Art. 11 heading)ARTICLE 11 CONVERSION AND MERGER (Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1101)Sec. 1101. Definitions. In this Article:(1) "Constituent limited partnership" means a constituent organization that is a limited partnership.(2) "Constituent organization" means an organization that is party to a merger.(3) "Converted organization" means the organization into which a converting organization converts pursuant to Sections 1102 through 1105.(4) "Converting limited partnership" means a converting organization that is a limited partnership.(5) "Converting organization" means an organization that converts into another organization pursuant to Section 1102.(6) "General partner" means a general partner of a limited partnership.(7) "Governing statute" of an organization means the statute that governs the organization's internal affairs.(8) "Organization" means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; business trust; corporation; or any other person having a governing statute. The term includes domestic and foreign organizations whether or not organized for profit.(9) "Organizational documents" means:(A) for a domestic or foreign general partnership, its partnership agreement;(B) for a limited partnership or foreign limited partnership, its certificate of limited partnership and partnership agreement;(C) for a domestic or foreign limited liability company, its articles of organization and operating agreement, or comparable records as provided in its governing statute;(D) for a business trust, its agreement of trust and declaration of trust;(E) for a domestic or foreign corporation for profit, its articles of incorporation, bylaws, and other agreements among its shareholders which are authorized by its governing statute, or comparable records as provided in its governing statute; and(F) for any other organization, the basic records that create the organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it.(10) "Personal liability" means personal liability for a debt, liability, or other obligation of an organization which is imposed on a person that co‑owns, has an interest in, or is a member of the organization:(A) by the organization's governing statute solely by reason of the person co‑owning, having an interest in, or being a member of the organization; or(B) by the organization's organizational documents under a provision of the organization's governing statute authorizing those documents to make one or more specified persons liable for all or specified debts, liabilities, and other obligations of the organization solely by reason of the person or persons co‑owning, having an interest in, or being a member of the organization.(11) "Surviving organization" means an organization into which one or more other organizations are merged. A surviving organization may preexist the merger or be created by the merger.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1102)Sec. 1102. Conversion. (a) An organization other than a limited partnership may convert to a limited partnership, and a limited partnership may convert to another organization pursuant to this Section and Sections 1103 through 1105 and a plan of conversion, if:(1) the other organization's governing statute authorizes the conversion;(2) the conversion is not prohibited by the law of the jurisdiction that enacted the governing statute; and(3) the other organization complies with its governing statute in effecting the conversion.(b) A plan of conversion must be in a record and must include:(1) the name and form of the organization before conversion;(2) the name and form of the organization after conversion; and(3) 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 organization, and other consideration; and(4) the organizational documents of the converted organization.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1103)Sec. 1103. Action on plan of conversion by converting limited partnership. (a) Subject to Section 1110, a plan of conversion must be consented to by all the partners of a converting limited partnership.(b) Subject to Section 1110 and any contractual rights, after a conversion is approved, and at any time before a filing is made under Section 1104, a converting limited partnership may amend the plan or abandon the planned conversion:(1) as provided in the plan; and(2) except as prohibited by the plan, by the same consent as was required to approve the plan.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1104)Sec. 1104. Filings required for conversion; effective date. (a) After a plan of conversion is approved:(1) a converting limited partnership shall deliver to the Secretary of State for filing articles of conversion, which must include:(A) a statement that the limited partnership has been converted into another organization;(B) the name and form of the organization and the jurisdiction of its governing statute;(C) the date the conversion is effective under the governing statute of the converted organization;(D) a statement that the conversion was approved as required by this Act;(E) a statement that the conversion was approved as required by the governing statute of the converted organization; and(F) if the converted organization is a foreign organization not authorized to transact business in this State, the street and mailing address of an office which the Secretary of State may use for the purposes of Section 1105(c); and(2) if the converting organization is not a converting limited partnership, the converting organization shall deliver to the Secretary of State for filing a certificate of limited partnership, which must include, in addition to the information required by Section 201:(A) a statement that the limited partnership was converted from another organization;(B) the name and form of the organization and the jurisdiction of its governing statute; and (C) a statement that the conversion was approved in a manner that complied with the organization's governing statute.(b) A conversion becomes effective:(1) if the converted organization is a limited partnership, when the certificate of limited partnership takes effect; and(2) if the converted organization is not a limited partnership, as provided by the governing statute of the converted organization.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1105)Sec. 1105. Effect of conversion. (a) An organization that has been converted pursuant to this Article is for all purposes the same entity that existed before the conversion.(b) When a conversion takes effect:(1) all property owned by the converting organization remains vested in the converted organization;(2) all debts, liabilities, and other obligations of the converting organization continue as obligations of the converted organization;(3) an action or proceeding pending by or against the converting organization may be continued as if the conversion had not occurred;(4) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization;(5) except as otherwise provided in the plan of conversion, the terms and conditions of the plan of conversion take effect; and(6) except as otherwise agreed, the conversion does not dissolve a converting limited partnership for the purposes of Article 8.(c) A converted organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by the converting limited partnership, if before the conversion the converting limited partnership was subject to suit in this State on the obligation. A converted organization that is a foreign organization and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for purposes of enforcing an obligation under this subsection. Service on the Secretary of State under this subsection is made in the same manner and with the same consequences as in Section 117(c) and (d).(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1106)Sec. 1106. Merger. (a) A limited partnership may merge with one or more other constituent organizations pursuant to this Section and Sections 1107 through 1109 and a plan of merger, if:(1) the governing statute of each of the other organizations authorizes the merger;(2) the merger is not prohibited by the law of a jurisdiction that enacted any of those governing statutes; and(3) each of the other organizations complies with its governing statute in effecting the merger.(b) A plan of merger must be in a record and must include:(1) the name and form of each constituent organization;(2) the name and form of the surviving organization and, if the surviving organization is to be created by the merger, a statement to that effect;(3) the terms and conditions of the merger, including the manner and basis for converting the interests in each constituent organization into any combination of money, interests in the surviving organization, and other consideration;(4) if the surviving organization is to be created by the merger, the surviving organization's organizational documents; and(5) if the surviving organization is not to be created by the merger, any amendments to be made by the merger to the surviving organization's organizational documents.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1107)Sec. 1107. Action on plan of merger by constituent limited partnership. (a) Subject to Section 1110, a plan of merger must be consented to by all the partners of a constituent limited partnership.(b) Subject to Section 1110 and any contractual rights, after a merger is approved, and at any time before a filing is made under Section 1108, a constituent limited partnership may amend the plan or abandon the planned merger:(1) as provided in the plan; and(2) except as prohibited by the plan, with the same consent as was required to approve the plan.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1108)Sec. 1108. Filings required for merger; effective date. (a) After each constituent organization has approved a merger, articles of merger must be signed on behalf of:(1) each preexisting constituent limited partnership, by each general partner listed in the certificate of limited partnership; and(2) each other preexisting constituent organization, by an authorized representative.(b) The articles of merger must include:(1) the name and form of each constituent organization and the jurisdiction of its governing statute;(2) the name and form of the surviving organization, the jurisdiction of its governing statute, and, if the surviving organization is created by the merger, a statement to that effect;(3) the date the merger is effective under the governing statute of the surviving organization;(4) if the surviving organization is to be created by the merger:(A) if it will be a limited partnership, the limited partnership's certificate of limited partnership; or (B) if it will be an organization other than a limited partnership, the organizational document that creates the organization;(5) if the surviving organization preexists the merger, any amendments provided for in the plan of merger for the organizational document that created the organization;(6) a statement as to each constituent organization that the merger was approved as required by the organization's governing statute;(7) if the surviving organization is a foreign organization not authorized to transact business in this State, the street and mailing address of an office which the Secretary of State may use for the purposes of Section 1109(b); and(8) any additional information required by the governing statute of any constituent organization.(c) Each constituent limited partnership shall deliver the articles of merger for filing in the Office of the Secretary of State.(d) A merger becomes effective under this Article:(1) if the surviving organization is a limited partnership, upon the later of:(i) compliance with subsection (c); or(ii) subject to Section 206(c), as specified in the articles of merger; or(2) if the surviving organization is not a limited partnership, as provided by the governing statute of the surviving organization.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1109)Sec. 1109. Effect of merger. (a) When a merger becomes effective:(1) the surviving organization continues or comes into existence;(2) each constituent organization that merges into the surviving organization ceases to exist as a separate entity;(3) all property owned by each constituent organization that ceases to exist vests in the surviving organization;(4) all debts, liabilities, and other obligations of each constituent organization that ceases to exist continue as obligations of the surviving organization;(5) an action or proceeding pending by or against any constituent organization that ceases to exist may be continued as if the merger had not occurred;(6) except as prohibited by other law, all of the rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization;(7) except as otherwise provided in the plan of merger, the terms and conditions of the plan of merger take effect; (8) except as otherwise agreed, if a constituent limited partnership ceases to exist, the merger does not dissolve the limited partnership for the purposes of Article 8;(9) if the surviving organization is created by the merger:(A) if it is a limited partnership, the certificate of limited partnership becomes effective; or(B) if it is an organization other than a limited partnership, the organizational document that creates the organization becomes effective; and(10) if the surviving organization preexists the merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.(b) A surviving organization that is a foreign organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by a constituent organization, if before the merger the constituent organization was subject to suit in this State on the obligation. A surviving organization that is a foreign organization and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for the purposes of enforcing an obligation under this subsection. Service on the Secretary of State under this subsection is made in the same manner and with the same consequences as in Section 117(c) and (d).(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1110)Sec. 1110. Restrictions on approval of conversions and mergers and on relinquishing LLLP status. (a) If a partner of a converting or constituent limited partnership will have personal liability with respect to a converted or surviving organization, approval and amendment of a plan of conversion or merger are ineffective without the consent of the partner, unless:(1) the limited partnership's partnership agreement provides for the approval of the conversion or merger with the consent of fewer than all the partners; and(2) the partner has consented to the provision of the partnership agreement.(b) An amendment to a certificate of limited partnership which deletes a statement that the limited partnership is a limited liability limited partnership is ineffective without the consent of each general partner unless:(1) the limited partnership's partnership agreement provides for the amendment with the consent of less than all the general partners; and(2) each general partner that does not consent to the amendment has consented to the provision of the partnership agreement.(c) A partner does not give the consent required by subsection (a) or (b) merely by consenting to a provision of the partnership agreement which permits the partnership agreement to be amended with the consent of fewer than all the partners.(Source: P.A. 93‑967, eff. 1‑1‑05.) (805 ILCS 215/1111)Sec. 1111. Liability of general partner after conversion or merger. (a) A conversion or merger under this Article does not discharge any liability under Sections 404 and 607 of a person that was a general partner in or dissociated as a general partner from a converting or constituent limited partnership, but:(1) the provisions of this Act pertaining to the collection or discharge of the liability continue to apply to the liability;(2) for the purposes of applying those provisions,
Loading...
  • Play
  • Pause
  • Volume:
  • Mute
  • Half
  • Max

  •      (805 ILCS 215/Art. 11 heading)
    ARTICLE 11
    CONVERSION AND MERGER
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1101)
        Sec. 1101. Definitions. In this Article:
        (1) "Constituent limited partnership" means a constituent organization that is a limited partnership.
        (2) "Constituent organization" means an organization that is party to a merger.
        (3) "Converted organization" means the organization into which a converting organization converts pursuant to Sections 1102 through 1105.
        (4) "Converting limited partnership" means a converting organization that is a limited partnership.
        (5) "Converting organization" means an organization that converts into another organization pursuant to Section 1102.
        (6) "General partner" means a general partner of a limited partnership.
        (7) "Governing statute" of an organization means the statute that governs the organization's internal affairs.
        (8) "Organization" means a general partnership, including a limited liability partnership; limited partnership, including a limited liability limited partnership; limited liability company; business trust; corporation; or any other person having a governing statute. The term includes domestic and foreign organizations whether or not organized for profit.
        (9) "Organizational documents" means:
            (A) for a domestic or foreign general partnership,
         its partnership agreement;
            (B) for a limited partnership or foreign limited
         partnership, its certificate of limited partnership and partnership agreement;
            (C) for a domestic or foreign limited liability
         company, its articles of organization and operating agreement, or comparable records as provided in its governing statute;
            (D) for a business trust, its agreement of trust and
         declaration of trust;
            (E) for a domestic or foreign corporation for profit,
         its articles of incorporation, bylaws, and other agreements among its shareholders which are authorized by its governing statute, or comparable records as provided in its governing statute; and
            (F) for any other organization, the basic records
         that create the organization and determine its internal governance and the relations among the persons that own it, have an interest in it, or are members of it.
        (10) "Personal liability" means personal liability for a
         debt, liability, or other obligation of an organization which is imposed on a person that co‑owns, has an interest in, or is a member of the organization:
            (A) by the organization's governing statute solely by
         reason of the person co‑owning, having an interest in, or being a member of the organization; or
            (B) by the organization's organizational documents
         under a provision of the organization's governing statute authorizing those documents to make one or more specified persons liable for all or specified debts, liabilities, and other obligations of the organization solely by reason of the person or persons co‑owning, having an interest in, or being a member of the organization.
        (11) "Surviving organization" means an organization into
         which one or more other organizations are merged. A surviving organization may preexist the merger or be created by the merger.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1102)
        Sec. 1102. Conversion.
        (a) An organization other than a limited partnership may convert to a limited partnership, and a limited partnership may convert to another organization pursuant to this Section and Sections 1103 through 1105 and a plan of conversion, if:
            (1) the other organization's governing statute
         authorizes the conversion;
            (2) the conversion is not prohibited by the law of
         the jurisdiction that enacted the governing statute; and
            (3) the other organization complies with its
         governing statute in effecting the conversion.
        (b) A plan of conversion must be in a record and must
         include:
            (1) the name and form of the organization before
         conversion;
            (2) the name and form of the organization after
         conversion; and
            (3) 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 organization, and other consideration; and
            (4) the organizational documents of the converted
         organization.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1103)
        Sec. 1103. Action on plan of conversion by converting limited partnership.
        (a) Subject to Section 1110, a plan of conversion must be consented to by all the partners of a converting limited partnership.
        (b) Subject to Section 1110 and any contractual rights, after a conversion is approved, and at any time before a filing is made under Section 1104, a converting limited partnership may amend the plan or abandon the planned conversion:
            (1) as provided in the plan; and
            (2) except as prohibited by the plan, by the same
         consent as was required to approve the plan.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1104)
        Sec. 1104. Filings required for conversion; effective date.
        (a) After a plan of conversion is approved:
            (1) a converting limited partnership shall deliver to
         the Secretary of State for filing articles of conversion, which must include:
                (A) a statement that the limited partnership has
             been converted into another organization;
                (B) the name and form of the organization and the
             jurisdiction of its governing statute;
                (C) the date the conversion is effective under
             the governing statute of the converted organization;
                (D) a statement that the conversion was approved
             as required by this Act;
                (E) a statement that the conversion was approved
             as required by the governing statute of the converted organization; and
                (F) if the converted organization is a foreign
             organization not authorized to transact business in this State, the street and mailing address of an office which the Secretary of State may use for the purposes of Section 1105(c); and
            (2) if the converting organization is not a
         converting limited partnership, the converting organization shall deliver to the Secretary of State for filing a certificate of limited partnership, which must include, in addition to the information required by Section 201:
                (A) a statement that the limited partnership was
             converted from another organization;
                (B) the name and form of the organization and the
             jurisdiction of its governing statute; and
                (C) a statement that the conversion was approved
             in a manner that complied with the organization's governing statute.
        (b) A conversion becomes effective:
            (1) if the converted organization is a limited
         partnership, when the certificate of limited partnership takes effect; and
            (2) if the converted organization is not a limited
         partnership, as provided by the governing statute of the converted organization.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1105)
        Sec. 1105. Effect of conversion.
        (a) An organization that has been converted pursuant to this Article is for all purposes the same entity that existed before the conversion.
        (b) When a conversion takes effect:
            (1) all property owned by the converting organization
         remains vested in the converted organization;
            (2) all debts, liabilities, and other obligations of
         the converting organization continue as obligations of the converted organization;
            (3) an action or proceeding pending by or against the
         converting organization may be continued as if the conversion had not occurred;
            (4) except as prohibited by other law, all of the
         rights, privileges, immunities, powers, and purposes of the converting organization remain vested in the converted organization;
            (5) except as otherwise provided in the plan of
         conversion, the terms and conditions of the plan of conversion take effect; and
            (6) except as otherwise agreed, the conversion does
         not dissolve a converting limited partnership for the purposes of Article 8.
        (c) A converted organization that is a foreign
         organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by the converting limited partnership, if before the conversion the converting limited partnership was subject to suit in this State on the obligation. A converted organization that is a foreign organization and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for purposes of enforcing an obligation under this subsection. Service on the Secretary of State under this subsection is made in the same manner and with the same consequences as in Section 117(c) and (d).
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1106)
        Sec. 1106. Merger.
        (a) A limited partnership may merge with one or more other constituent organizations pursuant to this Section and Sections 1107 through 1109 and a plan of merger, if:
            (1) the governing statute of each of the other
         organizations authorizes the merger;
            (2) the merger is not prohibited by the law of a
         jurisdiction that enacted any of those governing statutes; and
            (3) each of the other organizations complies with its
         governing statute in effecting the merger.
        (b) A plan of merger must be in a record and must include:
            (1) the name and form of each constituent
         organization;
            (2) the name and form of the surviving organization
         and, if the surviving organization is to be created by the merger, a statement to that effect;
            (3) the terms and conditions of the merger, including
         the manner and basis for converting the interests in each constituent organization into any combination of money, interests in the surviving organization, and other consideration;
            (4) if the surviving organization is to be created by
         the merger, the surviving organization's organizational documents; and
            (5) if the surviving organization is not to be
         created by the merger, any amendments to be made by the merger to the surviving organization's organizational documents.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1107)
        Sec. 1107. Action on plan of merger by constituent limited partnership.
        (a) Subject to Section 1110, a plan of merger must be consented to by all the partners of a constituent limited partnership.
        (b) Subject to Section 1110 and any contractual rights, after a merger is approved, and at any time before a filing is made under Section 1108, a constituent limited partnership may amend the plan or abandon the planned merger:
            (1) as provided in the plan; and
            (2) except as prohibited by the plan, with the same
         consent as was required to approve the plan.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1108)
        Sec. 1108. Filings required for merger; effective date.
        (a) After each constituent organization has approved a merger, articles of merger must be signed on behalf of:
            (1) each preexisting constituent limited partnership,
         by each general partner listed in the certificate of limited partnership; and
            (2) each other preexisting constituent organization,
         by an authorized representative.
        (b) The articles of merger must include:
            (1) the name and form of each constituent
         organization and the jurisdiction of its governing statute;
            (2) the name and form of the surviving organization,
         the jurisdiction of its governing statute, and, if the surviving organization is created by the merger, a statement to that effect;
            (3) the date the merger is effective under the
         governing statute of the surviving organization;
            (4) if the surviving organization is to be created by
         the merger:
                (A) if it will be a limited partnership, the
             limited partnership's certificate of limited partnership; or
                (B) if it will be an organization other than a
             limited partnership, the organizational document that creates the organization;
            (5) if the surviving organization preexists the
         merger, any amendments provided for in the plan of merger for the organizational document that created the organization;
            (6) a statement as to each constituent organization
         that the merger was approved as required by the organization's governing statute;
            (7) if the surviving organization is a foreign
         organization not authorized to transact business in this State, the street and mailing address of an office which the Secretary of State may use for the purposes of Section 1109(b); and
            (8) any additional information required by the
         governing statute of any constituent organization.
        (c) Each constituent limited partnership shall deliver
         the articles of merger for filing in the Office of the Secretary of State.
        (d) A merger becomes effective under this Article:
            (1) if the surviving organization is a limited
         partnership, upon the later of:
                (i) compliance with subsection (c); or
                (ii) subject to Section 206(c), as specified in
             the articles of merger; or
            (2) if the surviving organization is not a limited
         partnership, as provided by the governing statute of the surviving organization.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1109)
        Sec. 1109. Effect of merger.
        (a) When a merger becomes effective:
            (1) the surviving organization continues or comes
         into existence;
            (2) each constituent organization that merges into
         the surviving organization ceases to exist as a separate entity;
            (3) all property owned by each constituent
         organization that ceases to exist vests in the surviving organization;
            (4) all debts, liabilities, and other obligations of
         each constituent organization that ceases to exist continue as obligations of the surviving organization;
            (5) an action or proceeding pending by or against any
         constituent organization that ceases to exist may be continued as if the merger had not occurred;
            (6) except as prohibited by other law, all of the
         rights, privileges, immunities, powers, and purposes of each constituent organization that ceases to exist vest in the surviving organization;
            (7) except as otherwise provided in the plan of
         merger, the terms and conditions of the plan of merger take effect;
            (8) except as otherwise agreed, if a constituent
         limited partnership ceases to exist, the merger does not dissolve the limited partnership for the purposes of Article 8;
            (9) if the surviving organization is created by the
         merger:
                (A) if it is a limited partnership, the
             certificate of limited partnership becomes effective; or
                (B) if it is an organization other than a limited
             partnership, the organizational document that creates the organization becomes effective; and
            (10) if the surviving organization preexists the
         merger, any amendments provided for in the articles of merger for the organizational document that created the organization become effective.
        (b) A surviving organization that is a foreign
         organization consents to the jurisdiction of the courts of this State to enforce any obligation owed by a constituent organization, if before the merger the constituent organization was subject to suit in this State on the obligation. A surviving organization that is a foreign organization and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for the purposes of enforcing an obligation under this subsection. Service on the Secretary of State under this subsection is made in the same manner and with the same consequences as in Section 117(c) and (d).
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1110)
        Sec. 1110. Restrictions on approval of conversions and mergers and on relinquishing LLLP status.
        (a) If a partner of a converting or constituent limited partnership will have personal liability with respect to a converted or surviving organization, approval and amendment of a plan of conversion or merger are ineffective without the consent of the partner, unless:
            (1) the limited partnership's partnership agreement
         provides for the approval of the conversion or merger with the consent of fewer than all the partners; and
            (2) the partner has consented to the provision of the
         partnership agreement.
        (b) An amendment to a certificate of limited partnership
         which deletes a statement that the limited partnership is a limited liability limited partnership is ineffective without the consent of each general partner unless:
            (1) the limited partnership's partnership agreement
         provides for the amendment with the consent of less than all the general partners; and
            (2) each general partner that does not consent to the
         amendment has consented to the provision of the partnership agreement.
        (c) A partner does not give the consent required by
         subsection (a) or (b) merely by consenting to a provision of the partnership agreement which permits the partnership agreement to be amended with the consent of fewer than all the partners.
    (Source: P.A. 93‑967, eff. 1‑1‑05.)

        (805 ILCS 215/1111)
        Sec. 1111. Liability of general partner after conversion or merger.
        (a) A conversion or merger under this Article does not discharge any liability under Sections 404 and 607 of a person that was a general partner in or dissociated as a general partner from a converting or constituent limited partnership, but:
            (1) the provisions of this Act pertaining to the
         collection or discharge of the liability continue to apply to the liability;
            (2) for the purposes of applying those provisions,

    Illinois Forms by Issue

    Illinois Law

    Illinois State Laws
    Illinois Tax
    Illinois Court
    Illinois Labor Laws
        > Minimum Wage in Illinois
    Illinois Agencies
        > Illinois DMV

    Illinois Court Map

    Operation Confirm
    Are you sure you want to delete it?
      
    Tips