48-2c-1512 - Conversion to nonprofessional company.
48-2c-1512. Conversion to nonprofessional company.
Whenever all members of a professional services company subject to this part cease at anyone time and for any reason to be licensed for the professional services for which the companywas organized, or by vote of members holding at least 2/3 interest in the profits of the company,the company shall thereupon be treated as converted into, and shall operate thereafter solely as, acompany subject to this chapter but not subject to this part, but may be reconverted to aprofessional services company upon removal of the disability or by the vote of members holdingat least 2/3 interests in the profits of the company. Upon any such conversion or reconversion, acertificate of amendment to the articles of organization shall be filed with the division within areasonable time thereafter to reflect the changes.
Enacted by Chapter 260, 2001 General Session