Utah Code § 48-1d-1053

Current through the 2024 Fourth Special Session
Section 48-1d-1053 - Approval of domestication
(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.

Utah Code § 48-1d-1053

Added by Chapter 412, 2013 General Session ,§ 106, eff. 1/1/2014.