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2017 Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 32 - Small Business Entity Tax Pass Through Act
Subchapter 12 - Conversion and Merger
§ 4-32-1202. Conversion
Universal Citation: AR Code § 4-32-1202 (2017)
- (a) An organization other than a limited liability company may convert to a limited liability company, and a limited liability company may convert to another organization under this section and §§ 4-32-1203 -- 4-32-1205 and a plan of conversion, if the:
- (1) Other organization's governing statute authorizes the conversion and is complied with; and
- (2) Conversion is not prohibited by the law of the jurisdiction that enacted the governing statute.
- (b) A plan of conversion must be in a record and must include the:
- (1) Name and form of the organization before conversion;
- (2) Name and form of the organization after conversion;
- (3) Terms and conditions of the conversion, including the manner and basis for converting interests in the converting organization into any combination of money, interests in the converted organization, and other consideration; and
- (4) Organizational documents of the converted organization.
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