179.1145 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, 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 limited 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 limited 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. 179.0121, 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: 2021 a. 258.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 179 - Uniform limited partnership law.
179.0105 - Partnership agreement; scope, function, and limitations.
179.0108 - Required information.
179.0110 - Nature, purpose, and duration of limited partnership.
179.0113 - Supplemental principles of law.
179.0115 - Reservation of name.
179.0116 - Registration of name.
179.0117 - Registered agent and registered office.
179.0118 - Change of registered agent or registered office by limited partnership.
179.0119 - Resignation of registered agent.
179.0120 - Change of name or address by registered agent.
179.0121 - Service of process, notice, or demand.
179.0122 - Delivery of record.
179.0124 - Filing fees; certified copies.
179.0201 - Formation of limited partnership; certificate of limited partnership.
179.0202 - Amendment or restatement of certificate of limited partnership.
179.0203 - Signing of records to be delivered for filing to the department.
179.0204 - Signing and filing pursuant to judicial order.
179.0205 - Liability for inaccurate information in filed record.
179.0206 - Filing requirements.
179.0207 - Effective date and time.
179.0208 - Withdrawal of filed record before effectiveness.
179.0209 - Correcting filed record.
179.0210 - Duty of department to file; review of refusal to file; delivery of record by department.
179.0211 - Certificate of status.
179.0212 - Annual report for department.
179.0301 - Becoming limited partner.
179.0302 - No agency power of limited partner as limited partner.
179.0303 - No liability as limited partner for limited partnership obligations.
179.0304 - Rights to information of limited partner and person dissociated as limited partner.
179.0305 - Limited duties of limited partners.
179.0306 - Person erroneously believing self to be limited partner.
179.0401 - Becoming general partner.
179.0402 - General partner agent of limited partnership.
179.04023 - Statement of partnership authority.
179.04025 - Statement of denial.
179.0403 - Limited partnership liable for general partner's actionable conduct.
179.0404 - General partner's liability.
179.0405 - Actions against partnership and partners.
179.0406 - Management rights of general partner.
179.0407 - Rights to information of general partner and person dissociated as general partner.
179.0408 - Reimbursement; indemnification; advancement; and insurance.
179.0409 - Standards of conduct for general partners.
179.0501 - Form of contribution.
179.0502 - Liability for contribution.
179.0503 - Sharing of and right to distributions before dissolution.
179.0504 - Limitations on distributions.
179.0505 - Liability for improper distributions.
179.0601 - Dissociation as limited partner.
179.0602 - Effect of dissociation as limited partner.
179.0603 - Dissociation as general partner.
179.0604 - Power to dissociate as general partner; wrongful dissociation.
179.0605 - Effect of dissociation as general partner.
179.0606 - Power to bind and liability of person dissociated as general partner.
179.0607 - Liability of person dissociated as general partner to other persons.
179.0701 - Nature of transferable interest.
179.0702 - Transfer of transferable interest.
179.0704 - Power of legal representative of deceased partner.
179.0801 - Events causing dissolution.
179.0803 - Rescinding dissolution.
179.0804 - Power to bind partnership after dissolution.
179.0805 - Liability after dissolution of general partner and person dissociated as general partner.
179.0806 - Known claims against dissolved limited partnership.
179.0807 - Claims against dissolved limited partnership generally.
179.0810 - Disposition of assets in winding up; when contributions required.
179.0811 - Administrative dissolution.
179.0813 - Appeal from denial of reinstatement.
179.0901 - Direct action by partner.
179.0905 - Special litigation committee.
179.0906 - Proceeds and expenses.
179.1002 - Registration to do business in this state.
179.1003 - Foreign registration statement.
179.1004 - Amendment of foreign registration statement.
179.1005 - Activities not constituting doing business.
179.1006 - Noncomplying name of foreign limited partnership.
179.1009 - Transfer of registration.
179.10101 - Grounds for termination.
179.10102 - Procedure for and effect of termination.
179.10103 - Appeal from termination.
179.1011 - Withdrawal of registration of registered foreign limited partnership.
179.1012 - Action by attorney general.
179.1102 - Relationship of subchapter to other laws.
179.1105 - Reference to external facts.
179.1123 - Approval of merger; amendment; abandonment.
179.1124 - Filings required for merger; effective date.
179.1131 - Interest exchange authorized.
179.1132 - Plan of interest exchange.
179.1133 - Approval of interest exchange; amendment; abandonment.
179.1134 - Filings required for interest exchange; effective date.
179.1135 - Effect of interest exchange.
179.1141 - Conversion authorized.
179.1142 - Plan of conversion.
179.1143 - Approval of conversion; amendment; abandonment.
179.1144 - Filings required for conversion; effective date.
179.1145 - Effect of conversion.
179.1151 - Domestication authorized.
179.1152 - Plan of domestication.
179.1153 - Approval of domestication; amendment; abandonment.
179.1154 - Filings required for domestication; effective date.
179.1155 - Effect of domestication.
179.1161 - Restrictions on approval of mergers, interest exchanges, conversions, and domestications.
179.1201 - Uniformity of application and construction.
179.1202 - Relation to Electronic Signatures in Global and National Commerce Act.