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Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.1114. Management

Current as of January 01, 2024 | Updated by FindLaw Staff

<[Text subject to final changes by the Iowa Code Editor for Code 2024.]><Text of section effective Jan. 1, 2024. See, also, text of section 489.1114 effective until Jan. 1, 2024.>

1. All managers of a professional limited liability company shall at all times be individuals who are licensed to practice a profession in this state or a lawful combination of professions pursuant to section 489.1102, which the limited liability company is authorized to practice.

2. Notwithstanding subsection 1, upon the occurrence of any event that requires the professional limited liability company either to be dissolved or to elect to no longer be a professional limited liability company but continue its existence as a limited liability company, as provided in section 489.1119A, all of the following apply:

a. The professional limited liability company ceases to practice the profession that the professional limited liability company is authorized to practice, as provided in section 489.1119A.

b. The individuals who are not licensed to practice in this state a profession that the professional limited liability company is authorized to practice may be appointed as officers and directors for the sole purpose of doing any of the following:

(1) Carrying out the dissolution of the professional limited liability company.

(2) If applicable, carrying out the voluntary election of the professional limited liability company to no longer be a professional limited liability company but continue its existence as a limited liability company, as provided in section 489.1119A.

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Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.1114. Management - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-489-1114/

Read this complete Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.1114. Management on Westlaw

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