MI SB0929

Allows one or more domestic limited liability companies to merge with one or more business organizations, including foreign limited liability companies, corporations, partnerships, and nonprofit corporations, provided all entities comply with their respective jurisdictional laws.

Requires constituent domestic limited liability companies to prepare a plan of merger containing details of the merger terms, conversion of ownership interests, and any amendments to the surviving entity's articles of organization.

Requires unanimous approval by members of constituent domestic limited liability companies to approve a merger plan, unless the operating agreement provides for approval by a lower vote threshold.

Allows dissenting members who voted against a merger approved by less than unanimous vote to withdraw and receive fair value of their membership interest within a reasonable time.

Upon merger effectiveness, the surviving entity receives all property, rights, and liabilities of constituent entities, and pending proceedings may continue against the surviving entity.

Takes effect only upon enactment of Senate Bills 623 and 624 of the 97th Legislature.