[425-152] Limited liability partnerships; formation. (a) A partnership may become a limited liability partnership if the partnership:

(1) Obtains the partnership's approval of the terms and conditions upon which the partnership shall become a limited liability partnership;

(2) Files a registration statement with the director pursuant to part I, either prior to, or simultaneously with the filing of a statement of qualification as provided by this subpart; and

(3) Is in good standing pursuant to part I.

(b) The terms and conditions upon which a partnership becomes a limited liability partnership shall be approved by the vote necessary to amend the partnership agreement; provided that where a partnership agreement specifies the vote necessary to amend provisions of the partnership agreement controlling obligations to contribute to the partnership, approval shall be by the vote necessary to amend those provisions.

(c) The filing of a statement of qualification pursuant to this subpart establishes that a partnership has satisfied all conditions precedent to qualification of the partnership as a limited liability partnership. [L 2000, c 218, pt of 1]

 

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