79-29-933 - Application to existing professional limited liability companies.
§ 79-29-933. Application to existing professional limited liability companies.
(1) Except as otherwise provided in this section, this article applies to professional limited liability companies in existence on July 1, 1995. A professional limited liability company in existence on July 1, 1995, may, but is not required to, amend its certificate of formation to comply with this article. If a professional limited liability company in existence on July 1, 1995, amends its certificate of formation for any purpose after July 1, 1995, it must also amend its certificate of formation to comply with this article.
(2) This article does not apply to a limited liability company now existing or later formed under a law of this state that is not a professional limited liability company unless the limited liability company elects professional limited liability company status under Section 79-29-903.
(3) This article does not affect an existing or future right or privilege to render professional services through the use of any other form of business entity.
(4) Unless otherwise specifically provided by an amendment to the certificate of formation, for professional limited liability companies in existence on July 1, 1995, Sections 79-29-912, 79-29-913 and 79-29-914, Mississippi Code of 1972, shall be applied by substituting the term "book value" for the term "fair value" in such sections only. Book value shall be determined from the books and records of the professional limited liability company in accordance with the regular method of accounting used by the professional limited liability company and shall be determined as of the end of the month immediately preceding the death or disqualification of the member.
Sources: Laws, 1995, ch. 494, § 63, eff from and after July 1, 1995.