Wisconsin Statutes & Annotations
Chapter 178 - Uniform partnership law.
178.1145 - Effect of conversion.

178.1145 Effect of conversion.
(1) When a conversion becomes effective, all of the following apply:
(a) The converting entity continues its existence in the form of the converted entity and is the same entity that existed before the conversion, except that the converting entity is no longer subject to the governing law that applied prior to the conversion and is subject to the governing law of the converted entity.
(am)
1. Except as provided in this paragraph, no interest holder shall have interest holder liability with respect to the converting or converted entity.
2. If, under the governing law of the converting entity, one or more of the interest holders thereof had interest holder liability prior to the conversion with respect to the converting entity, such interest holder or holders shall continue to have such liability and any associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the converting entity that accrued during the period or periods in which such interest holder or holders had such interest holder liability.
3. If, under the governing law of the converted entity, one or more of the interest holders thereof will have interest holder liability after the conversion with respect to the converted entity, such interest holder or holders will have such liability and any associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the converted entity that accrue after the conversion.
4. This paragraph does not affect liability under any taxation laws.
(b) The title to all property owned by the converting entity is vested in the converted entity without transfer, reversion, or impairment.
(c) The converted entity has all debts, obligations, and other liabilities of the converting entity.
(d) A civil, criminal, or administrative proceeding pending by or against the converting entity may be continued as if the conversion did not occur, or the converted entity may be substituted in the proceeding for the converting entity.
(e) The organizational documents of the converted entity are as provided in the plan of conversion and, to the extent such organizational documents are to be reflected in a public record, as provided in the articles of conversion.
(f) The interests of the converting entity that are to be converted into interests, securities, or obligations of the surviving entity, rights to acquire such interests or securities, money, other property, or any combination of the foregoing, are converted as provided in the plan of conversion, and the former interest holders of the converting entity are entitled only to the rights provided in the plan of conversion or to their rights, if any, under ss. 178.1161, 179.1161, 180.0301 to 180.1331, 181.1180, and 183.1061, or otherwise under the governing law of the converting entity. All other terms and conditions of the conversion also take effect.
(g) Except as prohibited by other law or as otherwise provided in the articles and plan of conversion, all of the rights, privileges, immunities, powers, and purposes of the converting entity vest in the converted entity.
(h) Except as otherwise provided in the articles and plan of conversion, if the converting entity is a partnership, limited liability company, or other entity subject to dissolution under its governing law, the conversion does not dissolve the converting entity for the purposes of its governing law.
(2)
(a) When a conversion takes effect, the department is an agent of any foreign converted entity for service of process in a proceeding to enforce any obligation or the rights of interest holders, in their capacity as such, of any domestic partnership converting entity.
(b) When a conversion takes effect, any foreign converted entity shall timely honor the rights and obligations of interest holders under this chapter with respect to any domestic partnership converting entity.
(3) When a conversion takes effect, any foreign converted entity may be served with process in this state for the collection and enforcement of any debts, obligations, or other liabilities of a domestic converting entity in the manner provided in s. 178.0912, except that references to the department in that section shall be treated as references to the appropriate authority under the foreign converted entity's governing law for purposes of applying this subsection.
History: 2015 a. 295; 2021 a. 258.

Structure Wisconsin Statutes & Annotations

Wisconsin Statutes & Annotations

Chapter 178 - Uniform partnership law.

178.0101 - Short title.

178.0102 - Definitions.

178.0103 - Knowledge; notice.

178.0104 - Governing law.

178.0105 - Partnership agreement; scope, function, and limitations.

178.0106 - Partnership agreement; effect on partnership and person becoming partner; preformation agreement.

178.0107 - Partnership agreement; effect on third parties and relationship to records effective on behalf of partnership.

178.0108 - Signing of records to be delivered for filing to the department.

178.0109 - Liability for inaccurate information in filed record.

178.0110 - Applicability.

178.0111 - Delivery of record.

178.0112 - Signing and filing pursuant to judicial order.

178.0113 - Filing requirements.

178.0114 - Effective date and time.

178.0115 - Withdrawal of filed record before effectiveness.

178.0116 - Correcting filed record.

178.0117 - Duty of department to file; review of refusal to file; delivery of record by department.

178.0119 - Supplemental principles of law.

178.0120 - Fees; certified copies; filing false documents.

178.0121 - Certificate of status.

178.0201 - Partnership as entity.

178.0202 - Formation of partnership.

178.0203 - Partnership property.

178.0204 - When property is partnership property.

178.0301 - Partner agent of partnership.

178.0302 - Transfer of partnership property.

178.0303 - Statement of partnership authority.

178.0304 - Statement of denial.

178.0305 - Partnership liable for partner's actionable conduct.

178.0306 - Partner's liability.

178.0307 - Actions by and against partnership and partners.

178.0308 - Liability of purported partner.

178.0401 - Partner's rights and duties.

178.0402 - Becoming partner.

178.0403 - Form of contribution.

178.0404 - Liability for contribution.

178.0405 - Sharing of and right to distributions before dissolution.

178.0406 - Limitations on distributions by limited liability partnership.

178.0407 - Liability for improper distributions by limited liability partnership.

178.0408 - Rights to information of partners and persons dissociated as partner.

178.0409 - Standards of conduct for partners.

178.0410 - Actions by partnership and partners.

178.0411 - Continuation of partnership beyond definite term or particular undertaking.

178.0501 - Partner not co-owner of partnership property.

178.0502 - Nature of transferable interest.

178.0503 - Transfer of transferable interest.

178.0504 - Charging order.

178.0505 - Power of legal representative of deceased partner.

178.0601 - Events causing dissociation.

178.0602 - Power to dissociate as partner; wrongful dissociation.

178.0603 - Effect of dissociation.

178.0701 - Purchase of interest of person dissociated as partner.

178.0702 - Power to bind and liability of person dissociated as partner.

178.0703 - Liability of person dissociated as partner to other persons.

178.0704 - Statement of dissociation.

178.0705 - Continued use of partnership name.

178.0801 - Events causing dissolution.

178.0802 - Winding up.

178.0803 - Rescinding dissolution.

178.0804 - Power to bind partnership after dissolution.

178.0805 - Liability after dissolution of partner and person dissociated as partner.

178.0806 - Disposition of assets in winding up; when contributions required.

178.0807 - Known claims against dissolved limited liability partnership.

178.0808 - Claims against dissolved limited liability partnership generally.

178.0809 - Court proceedings.

178.0810 - Liability of partner and person dissociated as partner when claim against partnership barred.

178.0901 - Statement of qualification.

178.0902 - Permitted names.

178.09031 - Grounds for revocation.

178.09032 - Procedure for and effect of administrative revocation.

178.0904 - Reinstatement following administrative revocation.

178.0905 - Appeal from denial of reinstatement.

178.0906 - Reservation of name.

178.0907 - Registration of name.

178.0908 - Registered agent and registered office.

178.0909 - Change of registered agent or registered office by limited liability partnership.

178.0910 - Resignation of registered agent.

178.0911 - Change of name or address by registered agent.

178.0912 - Service of process, notice, or demand.

178.0913 - Annual report for department.

178.1001 - Governing law.

178.1002 - Registration to do business in this state.

178.1003 - Foreign registration statement.

178.1004 - Amendment of foreign registration statement.

178.1005 - Activities not constituting doing business.

178.1006 - Noncomplying name of foreign limited liability partnership.

178.1007 - Withdrawal deemed on conversion to or merger into domestic filing entity or domestic limited liability partnership.

178.1008 - Withdrawal on dissolution or conversion to nonfiling entity other than limited liability partnership.

178.1009 - Transfer of registration.

178.10101 - Grounds for revocation.

178.10102 - Procedure for and effect of revocation.

178.10103 - Appeal from revocation.

178.1011 - Withdrawal of registration of registered foreign limited liability partnership.

178.1012 - Action by attorney general.

178.1101 - Definitions.

178.1102 - Relationship of subchapter to other laws.

178.1103 - Existing purpose.

178.1104 - Nonexclusivity.

178.1105 - Reference to external facts.

178.1121 - Merger authorized.

178.1122 - Plan of merger.

178.1123 - Approval of merger; amendment; abandonment.

178.1124 - Filings required for merger; effective date.

178.1125 - Effect of merger.

178.1131 - Interest exchange authorized.

178.1132 - Plan of interest exchange.

178.1133 - Approval of interest exchange; amendment; abandonment.

178.1134 - Filings required for interest exchange; effective date.

178.1135 - Effect of interest exchange.

178.1141 - Conversion authorized.

178.1142 - Plan of conversion.

178.1143 - Approval of conversion; amendment; abandonment.

178.1144 - Filings required for conversion; effective date.

178.1145 - Effect of conversion.

178.1151 - Domestication authorized.

178.1152 - Plan of domestication.

178.1153 - Approval of domestication; amendment; abandonment.

178.1154 - Filings required for domestication; effective date.

178.1161 - Restrictions on approval of mergers, interest exchanges, conversions and domestications.

178.1201 - Uniformity of application and construction.

178.1202 - Relation to electronic signatures in global and national commerce act.