| | 18. Limited liability company deeds. Deeds to a limited | liability company from a corporation, a general or limited | partnership or another limited liability company, when the | grantor or grantee owns an interest in the limited liability | company in the same proportion as the grantor's or grantee's | interest in or ownership of the real estate being conveyed.; |
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| | Sec. 42. 36 MRSA §4641-C, sub-§§19 and 20 are enacted to read: |
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| | 19.__Deeds pursuant to conversions.__Deeds made pursuant to | conversions of business entities pursuant to Title 13-A, section | 912 or Title 31, sections 418 and 746; and |
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| | 20.__Deeds pursuant to mergers or consolidations.__Deeds made | pursuant to mergers or consolidations of business entities | pursuant to Title 13-A, section 911 or Title 31, section 417 or | 741-A, in each case where the only consideration received is | equity interests in the resultant business entity or the | beneficial ownership of the real estate does not change as a | result of the merger or consolidation. |
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| | This bill authorizes mergers and consolidations between | corporations and other business entities; permits same-entity and | inter-entity mergers and consolidations for business entities | other than corporations; and sets a fee for these new filings. |
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| | This bill also permits any business entity other than a | general partnership to convert to another type of business entity | and sets a fee for these new filings. |
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| | In order to provide consistency in certain fee amounts, this | bill increases the amendment fees for all business corporations; | increases the fee for mergers of foreign business corporations; | and decreases the amendment fees, as well as the initial fee for | organizing or qualifying a limited liability company, limited | partnership and limited liability partnership. |
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| | The bill allows limited liability companies, limited liability | partnerships and limited partnerships to use an assumed name that | does not include the respective designations "LLC," "LLP" and | "LP" as part of the name. |
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| | The bill also eliminates the rights of 3rd parties to request | disclosure of the names of "limited" owners of limited liability | companies, limited liability partnerships and limited | partnerships. |
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