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