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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
§ 4-32-1203. Action on plan of conversion by converting limited liability company
Universal Citation: AR Code § 4-32-1203 (2017)
- (a) Unless otherwise provided in writing in an operating agreement, a plan of conversion must be consented to by more than one-half (1/2) by number of the members of a converting limited liability company.
- (b) Subject to any contractual rights, until a conversion is filed under § 4-32-1204, a converting limited liability company may amend the plan or abandon the planned conversion:
- (1) As provided in the plan; and
- (2) Except as prohibited by the plan, by the same consent required to approve the plan.
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