South Dakota Statutes
§ 48-7A-903 — Conversion of limited partnership to partnership.
(a)A limited partnership may be converted to a partnership pursuant to this section.
(b)Notwithstanding a provision to the contrary in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership must be approved by all of the partners.
(c)After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.
(d)The conversion takes effect when the certificate of limited partnership is canceled.
(e)A limited partner who becomes a general partner as a result of the conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. Except as otherwise provided in § 48 - 7A - 306, the partner is liable as
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South Dakota § 48-7A-903 (Conversion of limited partnership to partnership.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2001, ch 249, § 903.
Nearby Sections
15
§ 48-7-1001
Right of action.§ 48-7-1002
Proper plaintiff.§ 48-7-1003
Pleading.§ 48-7-1004
Expenses.§ 48-7-101
Definitions.§ 48-7-102
Name.§ 48-7-103
Reservation of name.§ 48-7-104
Specified office and agent.§ 48-7-105
Records to be kept.§ 48-7-106
Nature of business.§ 48-7-1101
Construction and application.§ 48-7-1102
Short title.§ 48-7-1103
Severability.