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Virginia Code Title 13.1. Corporations § 13.1-1084. Action on plan of entity conversion

Current as of January 01, 2020 | Updated by FindLaw Staff

A. In the case of a domestic limited liability company that is the converting entity:

1. If the limited liability company has members, unless the articles of organization or a written operating agreement of the limited liability company provides otherwise, the members shall approve the plan of entity conversion in the manner provided in the limited liability company's operating agreement for amendments to the operating agreement by the members or, if no provision is made in the operating agreement, by all the members;  and

2. If the limited liability company has been formed without any members and no members have been admitted, the plan of entity conversion shall be approved by a majority of the persons named as a manager in the articles of organization or, if there are no members or managers, by a majority of the organizers of the limited liability company.

B. In the case of a partnership that is a converting entity, unless a written partnership agreement of the partnership provides otherwise, the plan of entity conversion shall be approved by the partners of the partnership in the manner provided in a written partnership agreement for amendments to the partnership agreement by the partners or, if no provision is made in the partnership agreement, by all the partners.

C. In the case of a limited partnership that is a converting entity, unless the certificate of limited partnership or a written partnership agreement of the limited partnership provides otherwise, the plan of entity conversion shall be approved by the partners of the limited partnership in the manner provided in a written partnership agreement for amendments to the partnership agreement by the partners or, if no provision is made in the partnership agreement, by all the partners.

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Cite this article: FindLaw.com - Virginia Code Title 13.1. Corporations § 13.1-1084. Action on plan of entity conversion - last updated January 01, 2020 | https://codes.findlaw.com/va/title-13-1-corporations/va-code-sect-13-1-1084/

Read this complete Virginia Code Title 13.1. Corporations § 13.1-1084. Action on plan of entity conversion on Westlaw

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