PowerPoint Presentation · -18 2-9(a) HUB IC 23-0.5 META-0.6 RENEW NAME RESERVATIIONS 3-3(a)...

12/5/2016

1

Indiana State Bar Association CLE Program

Business Entity Harmonization Project

Indiana Business Law Survey CommissionDecember 6, 2016

1914

U.P.A.IC 23-4-1

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

12/5/2016

2

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54

ProfessionalIC 23-1.5

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54


BenefitIC 23-1.3

12/5/2016

3

1988

L.P.IC 23-16

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54


BenefitIC 23-1.3

1988

L.P.IC 23-16

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54


BenefitIC 23-1.3

1991

N.F.P.IC 23-17

1988

L.P.IC 23-16

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1986

B.C.L.IC 23-1-17 to 54


BenefitIC 23-1.3

1991

N.F.P.IC 23-17

1993

L.L.C.IC 23-18

12/5/2016

4

1988

L.P.IC 23-16

1914

U.P.A.IC 23-4-1

L.L.P.IC 23-4-1-44 to 52

1988

B.C.L.IC 23-1-17 to 54


BenefitIC 23-1.3

1991

N.F.P.IC 23-17

1993

L.L.C.IC 23-18

Series LLCsIC 23-18.1

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Filing.1. Filing.

L.L.P.IC 23-4-1-44 to 52

1. Filing.

N.F.P.IC 23-17

1. Filing.

L.L.C.IC 23-18

1. Filing.

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Filing.2. Name.

1. Filing.2. Name.

L.L.P.IC 23-4-1-44 to 52

1. Filing.2. Name.

N.F.P.IC 23-17

1. Filing.2. Name.

L.L.C.IC 23-18

1. Filing.2. Name.

12/5/2016

5

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Filing.2. Name.3. Reg. agent.


L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17


L.L.C.IC 23-18


B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Filing.2. Name.3. Reg. agent.4. Foreign.


L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17


L.L.C.IC 23-18


B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Filing.2. Name.3. Reg. agent.4. Foreign.5. Admin. dis-

solution.


solution.

L.L.P.IC 23-4-1-44 to 52


solution.


solution.

L.L.C.IC 23-18


solution.

N.F.P.IC 23-17

12/5/2016

6

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


solution.


solution.

L.L.P.IC 23-4-1-44 to 52


solution.


solution.

L.L.C.IC 23-18


solution.

N.F.P.IC 23-17

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


solution.


solution.

L.L.P.IC 23-4-1-44 to 52


solution.

N.F.P.IC 23-17


solution.

L.L.C.IC 23-18


solution.

HUBIC 23-0.5

1. Filing.2. Name.3. Reg. agent.4. Foreign.5. Admin. diss.

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


solution.


solution.

L.L.P.IC 23-4-1-44 to 52


solution.

N.F.P.IC 23-17


solution.

L.L.C.IC 23-18


solution.

HUBIC 23-0.5


IC 23-15

12/5/2016

7

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


solution.


solution.

L.L.P.IC 23-4-1-44 to 52


solution.

N.F.P.IC 23-17


solution.

L.L.C.IC 23-18


solution.

HUBIC 23-0.5


IC 23-15

1. Assumed name.

2. Other.

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Merger.1. Merger.

L.L.P.IC 23-4-1-44 to 52

1. Merger.

N.F.P.IC 23-17

1. Merger.

L.L.C.IC 23-18

1. Merger.

HUBIC 23-0.5


B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

1. Merger.2. Conversion.

1. Merger.

3. Conversion.

L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17

1. Merger.

L.L.C.IC 23-18


HUBIC 23-0.5


12/5/2016

8

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


1. Merger.2. Exchange.3. Conversion.

L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17

1. Merger.

L.L.C.IC 23-18


HUBIC 23-0.5


B.C.L.IC 23-1-17 to 54

L.P.IC 23-16


1. Merger.2. Exchange.3. Conversion.4. Domest’ion

L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17

1. Merger.2. Domest’ion

L.L.C.IC 23-18


HUBIC 23-0.5


B.C.L.IC 23-1-17 to 54

L.P.IC 23-16



L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17


L.L.C.IC 23-18


HUBIC 23-0.5


METAIC 23-0.6


12/5/2016

9

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16



L.L.P.IC 23-4-1-44 to 52


N.F.P.IC 23-17


L.L.C.IC 23-18


HUBIC 23-0.5


METAIC 23-0.6


Also applies to general partnerships.

HUBIC 23-0.5


METAIC 23-0.6

1. Merger.2. Exchange.3. Conversion.4. Domest’ion.

The Status Quo

12/5/2016

10

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

12-5(h)18-1(L)

L.L.P.IC 23-4-1-44 to 52

NONE

N.F.P.IC 23-17

29-1(e)

L.L.C.IC 23-18

12-1(b)

HUBIC 23-0.5

METAIC 23-0.6

CREDIT CARD PAYMENTS

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

12-5(h)18-1(L)

L.L.P.IC 23-4-1-44 to 52

NONE

N.F.P.IC 23-17

29-1(e)

L.L.C.IC 23-18

12-1(b)

HUBIC 23-0.5

METAIC 23-0.6

CREDIT CARD PAYMENTS

2-14(g)

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

2-2(a)23-2(a)

L.L.P.IC 23-4-1-44 to 52

45.3(a)

N.F.P.IC 23-17

NONE

L.L.C.IC 23-18

2-9(a)

HUBIC 23-0.5

METAIC 23-0.6

RENEW NAME RESERVATIIONS

3-3(a)

12/5/2016

11

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

10(a)49-5(c)

L.L.P.IC 23-4-1-44 to 52

49(c)

N.F.P.IC 23-17

26-5(c)

L.L.C.IC 23-18

11-1(a)

HUBIC 23-0.5

METAIC 23-0.6

SCOPE OF INTERNAL AFFAIRS DOCTRINE

5-1:Law of jurisdiction of formation governs both the

entity’s internal affairs and personal liability for the entity’s obligations.

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

10-2(b)49-1(b)

L.L.P.IC 23-4-1-44 to 52

NONE

N.F.P.IC 23-17

26-1(b)

L.L.C.IC 23-18

11-2(b)

HUBIC 23-0.5

METAIC 23-0.6

WHAT CONSTITUTES DOING BUSINESS

5-5(a)

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

NONE51-1

L.L.P.IC 23-4-1-44 to 52

NONE

N.F.P.IC 23-17

26-12

L.L.C.IC 23-18

11-15

HUBIC 23-0.5

METAIC 23-0.6

5-11

TERMINATING FOREIGN REGISTRATIONS

12/5/2016

12

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

Merger:40-8(c)

L.L.P.IC 23-4-1-44 to 52

L.L.C.IC 23-18

HUBIC 23-0.5

METAIC 23-0.6

CROSS-SPECIES INTEREST EXCHANGES

Merger:7-9(c)

Merger:53(c)

Merger:3-13(c)

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

Merger:40-8(c)

L.L.P.IC 23-4-1-44 to 52

L.L.C.IC 23-18

HUBIC 23-0.5

METAIC 23-0.6

CROSS-SPECIES INTEREST EXCHANGES

Merger:7-9(c)

Merger:53(c)

Merger:3-13(c)

Exchange:40-2

Exchange:NONE

Exchange:NONE

Exchange:NONE

3-1

B.C.L.IC 23-1-17 to 54

L.P.IC 23-16

NONE38.5-4

L.L.P.IC 23-4-1-44 to 52

NONE

N.F.P.IC 23-17

31-1(B)

L.L.C.IC 23-18

NONE

HUBIC 23-0.5

METAIC 23-0.6

DOMESTICATION

5-1

12/5/2016

13

HUBIC 23-0.5


METAIC 23-0.6


A Quick Look atHow the Bill was Assembled

HUBIC 23-0.5


METAIC 23-0.6


12/5/2016

14

Uniform = Current

Current Only

Uniform differs from

Current

Uniform = Some Current

(Not All)

HUBIC 23-0.5

METAIC 23-0.6

Uniform Only

Extend to all current

What’s New?

LLPs and LPs to file

biennial reports.

12/5/2016

15

Secretary of Stategiven authority to reserve names of administratively dissolved entities

pending reinstatement.

Registered agents that are entitiesmust be organized under Indiana law or

registered to do business here

“Commercial Registered Agents”recognized.

12/5/2016

16

Foreign entities no longer required to specify governing persons

when registering.

Cross-speciesinterest exchanges

authorized.

Domesticationsauthorized for

LLPs, LPs, and LLCs.

12/5/2016

17

Notes and Nuances

Indiana continues to follow the 1985 Uniform Limited Partnership Act, not the most recent

(2001) version.

Indiana does not allow “Ltd.” or “Co.” in the names of LLCs.

Hub does not change this practice.

12/5/2016

18

Law of jurisdiction of an entity’s formation governs both the entity’s internal affairs and personal liability for the entity’s obligations.

MERGERS :THREE STATUTES TO CONSIDER

Current BCL willcontinue to govern:

Mergers between business corporations (domestic and foreign).

Current NFP willcontinue to govern:

Mergers between NFP corporations (domestic and foreign).

META willgovern:

All cross-species mergers, including cross-species mergers with corporations.

Current BCL provisions on conversions are the same as those in META.

12/5/2016

19

Current BCL rules on general partner personal liability following conversion of a general

partnership to a limited liability entity are extended to cross-species mergers and interest exchanges.

META does not provide any new dissenters’ rights. All existing appraisal rights, domestic or

foreign, will be respected in any merger, share or interest exchange, conversion, or domestication.

“Protected agreement” provisions of the uniform act not included in the Indiana META.

12/5/2016

20

HUBIC 23-0.5


METAIC 23-0.6


Date post:	11-Jun-2020
Category:	Documents
Upload:	others
View:	0 times
Download:	0 times

PowerPoint Presentation · -18 2-9(a) HUB IC 23-0.5 META-0.6 RENEW NAME RESERVATIIONS 3-3(a)...

Documents