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IA SF2363
Bill
AI Summary
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Amends Iowa Code Section 486A.901 to establish definitions and procedures for converting domestic partnerships into other business entity types, including limited partnerships, LLCs, business corporations, nonprofit corporations, and business trusts.
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Allows Iowa partnerships to convert to either domestic organizations (formed under Iowa law) or foreign organizations (formed under another jurisdiction's laws).
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Defines key terms including "converted organization" (the new entity after conversion), "converting organization" (the original partnership that ceases to exist), and "organizational document" (governing documents like partnership agreements, articles of incorporation, or operating agreements).
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Covers multiple Iowa business statutes including Chapter 486A (partnerships), Chapter 488 (limited partnerships), Chapter 489 (LLCs), Chapter 490 (business corporations), Chapter 504 (nonprofit corporations), and Chapter 633A (business trusts).
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Establishes associated filing fees for partnership conversion documents with the Secretary of State.
Legislative Description
A bill for an act providing for the conversion of partnerships into other forms of domestic or foreign organizations, and providing for fees.(Formerly SSB 3160; See SF 2468.)
Last Action
Committee report approving bill, renumbered as SF 2468. S.J. 563.
3/12/2026