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322A.88 Limited liability limited partnership.

(a) A limited partnership may become a limited liability limited partnership by:

(1) obtaining approval of the terms and conditions under which the limited partnership elects limited liability limited partnership status by the vote necessary to amend the limited partnership agreement except, in the case of a limited partnership agreement that expressly considers contribution obligations, the vote necessary to amend those provisions;

(2) filing a statement of qualification under section 323A.1001(c) of the Uniform Partnership Act (1994); and

(3) complying with the name requirements of section 322A.02, paragraph (a), clause (1), as those requirements pertain to a limited liability limited partnership.

(b) A limited liability limited partnership continues to be the same entity that existed before the filing of a statement of qualification under section 323A.1001(c) of the Uniform Partnership Act (1994).

(c) Sections 323A.0306(c) and 323A.0307(d) of the Uniform Partnership Act (1994) apply to both general and limited partners of a limited liability limited partnership.

HIST: 1997 c 174 art 12 s 61; 1998 c 262 s 2; 1999 c 85 art 3 s 14