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Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-1d-1053. Approval of domestication

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) A plan of domestication of a domestic domesticating limited liability partnership is not effective unless it has been approved:

(a) by all the partners entitled to vote on or consent to any matter;  and

(b) in a record, by each partner that will have interest holder liability for debts, obligations, and other liabilities that arise after the domestication becomes effective, unless:

(i) the partnership agreement of the entity provides in a record for the approval of a domestication or merger in which some or all of its partners become subject to interest holder liability by the vote or consent of fewer than all the partners;  and

(ii) the partner voted for or consented in a record to that provision of the partnership agreement or became a partner after the adoption of that provision.

(2) A domestication of a foreign domesticating limited liability partnership is not effective unless it is approved in accordance with the law of the foreign limited liability partnership's jurisdiction of formation.

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Cite this article: FindLaw.com - Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-1d-1053. Approval of domestication - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-48-partnership-unincorporated-business-entities/ut-code-sect-48-1d-1053/

Read this complete Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-1d-1053. Approval of domestication on Westlaw

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