(1) (a) A domestic corporation may convert to another type of domestic entity, or to any type of foreign entity, pursuant to this section and a plan of conversion if the conversion is permitted under the governing law of the converting entity and the governing law that is to apply to the converted entity. (b) In addition to satisfying any applicable requirements of the governing law of the converting entity and that relate to the submission and approval of a plan of conversion, the domestic corporation shall comply with the procedures that govern a plan of merger under ss. 180.11031 and 180.11032 for the submission and approval of a plan of conversion. (2) (a) A foreign or domestic entity, other than a domestic corporation, may convert to a domestic corporation pursuant to this section and a plan of conversion if the conversion is permitted under the governing law of the converting entity and the converted entity will satisfy the definition of a corporation under this chapter immediately after the conversion. (b) An entity converting into a domestic corporation shall comply with the procedures that govern the submission and approval of a plan of conversion of the governing law of such entity. (3) A plan of conversion must be in a record and contain all of the following: (a) The name, type of entity, and governing law of the converting entity. (b) The name, type of entity, and governing law of the converted entity. (c) The terms and conditions of the conversion. (d) The manner and basis of converting the interests, securities, or obligations of the converting entity into interests, securities, or obligations of the converted entity, rights to acquire such interests or securities, money, other property, or any combination of the foregoing. (e) The effective date and time of the conversion, if the conversion is to be effective other than at the close of business on the date of filing the articles of conversion, as provided under s. 180.0123. (f) The organizational documents of the converted entity that are to be in a record immediately after the conversion becomes effective. (g) Any other matters required by the governing law of the converting entity. (3m) In addition to the requirements of sub. (3), a plan of conversion may contain any other provision relating to the conversion and not prohibited by law. (4) When a conversion is effective, all of the following apply: (a) 1. The converting entity continues its existence in the form of the converted entity and is the same entity that existed before the conversion, except that the converting entity is no longer subject to the governing law that applied prior to the conversion and is subject to the governing law of the converted entity. 2. a. Except as provided in this subdivision, no interest holder shall have interest holder liability with respect to the converting or converted entity. b. If, under the governing law of the converting entity, one or more of the interest holders thereof had interest holder liability prior to the conversion with respect to the converting entity, such interest holder or holders shall continue to have such liability and any associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the converting entity that accrued during the period or periods in which such interest holder or holders had such interest holder liability. c. If, under the governing law of the converted entity, one or more of the interest holders thereof will have interest holder liability after the conversion with respect to the converted entity, such interest holder or holders will have such liability and any associated contribution and other rights to the extent provided in such governing law with respect to the debts, obligations, and other liabilities of the converted entity that accrue after the conversion. d. This subdivision does not affect liability under any taxation laws. (b) The converted entity has all debts, obligations, and other liabilities of the converting entity. (c) The title to all property owned by the converting entity is vested in the converted entity without transfer, reversion, or impairment. (d) The organizational documents of the converted entity are as provided in the plan of conversion and, to the extent such organizational documents are to be reflected in a public record, as provided in the articles of conversion. (e) All other provisions of the plan of conversion apply. (f) The interests of the converting entity that are to be converted into interests, securities, or obligations of the surviving entity, rights to acquire such interests or securities, money, other property, or any combination of the foregoing, are converted as provided in the plan of conversion, and the former interest holders of the converting entity are entitled only to the rights provided in the plan of conversion or to their rights, if any, under ss. 178.1161, 179.1161, 180.0301 to 180.1331, 181.1180, or 183.1061 or otherwise under the governing law of the converting entity. All other terms and conditions of the conversion also take effect. (g) Except as prohibited by other law or as otherwise provided in the articles and plan of conversion, all of the rights, privileges, immunities, powers, and purposes of the converting entity vest in the converted entity. (h) Except as otherwise provided in the articles and plan of conversion, if the converting entity is a partnership, limited liability company, or other entity subject to dissolution under its governing law, the conversion does not dissolve the converting entity for the purposes of its governing law. (5) (am) After the converting entity has approved a plan of conversion in accordance with its governing law, the converting entity shall deliver, or cause to be delivered, to the department for filing articles of conversion that include all of the following: 1. The name, type of entity, and governing law of the converting entity. 2. The name, type of entity, and governing law of the converted entity. 3. A statement that the plan of conversion was approved and approved in accordance with its governing law. 4. Any organizational documents of the converted entity that are to be in a public record under its governing law. 5. A statement that the plan of conversion is on file at the principal office of the converted entity. 6. A statement that upon request the converted entity will provide a copy of the plan of conversion to any interest holder of the converting entity. (bm) In addition to the requirements of par. (am), the articles of conversion may contain any other provisions relating to the conversion, as determined by the converting entity in accordance with the plan of conversion. (cm) A conversion takes effect at the effective date and time of the articles of conversion. (6) Any civil, criminal, administrative, or investigatory proceeding that is pending by or against the converting entity may be continued as if the conversion did not occur, or the converted entity may be substituted in the proceeding for the converting entity. (7) (a) When a conversion takes effect, the department is an agent of any foreign converted entity for service of process in a proceeding to enforce any obligation or the rights of interest holders, in their capacity as such, of any converting entity. (b) When a conversion takes effect, any foreign converted entity shall timely honor the rights and obligations of interest holders, in their capacity as such, under this chapter with respect to any converting entity. (8) When a conversion takes effect, any foreign converted entity may be served with process in this state for the collection and enforcement of any debts, obligations, or other liabilities of a domestic converting entity in the manner provided in s. 180.0504 or 180.1510, as applicable, except that references to the department in each section shall be treated as references to the appropriate authority under the foreign converted entity’s governing law for purposes of applying this provision.
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