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§ 4A-212. Limited liability company, conversion from proprietorship

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 2. Formation and Powers
MD Code, Corporations and Associations, § 4A-212
§ 4A-212. Limited liability company, conversion from proprietorship
Requirements for articles
(a) An individual conducting a business as a proprietorship may convert the proprietorship to a limited liability company by filing articles of organization that meet the requirements of § 4A-204 of this subtitle and include the following:
(1) The name of the individual who conducts the proprietorship; and
(2) A description of the property comprising the business to be conducted by the limited liability company.
Liability
(b)(1) An individual who becomes a member of a limited liability company as a result of the conversion remains liable for any obligation or liability of the individual incurred or arising before the conversion takes effect, to the extent that the individual would have been obligated or liable if the conversion had not occurred.
(2) The individual's liability for all obligations and liabilities of the limited liability company incurred or arising after the conversion takes effect is that of a member of a limited liability company, as provided in this title.

Credits

Added by Acts 1997, c. 659, § 1, eff. Oct. 1, 1997.
MD Code, Corporations and Associations, § 4A-212, MD CORP & ASSNS § 4A-212
Current with all legislation from the 2021 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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