§ 50-73.127 — Effect of conversion; entity unchanged

Virginia § 50-73.127

• Jurisdiction: Virginia
• Title 50: PARTNERSHIPS
• Ch. 2.2: VIRGINIA UNIFORM PARTNERSHIP ACT
• Art. 9: CONVERSIONS AND MERGERS

Text

A. A limited partnership that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.

B. When a conversion takes effect:

1. All property owned by the converting limited partnership remains vested in the resulting partnership;

2. All obligations of the converting limited partnership continue as obligations of the resulting partnership; and

3. An action or proceeding pending against the converting limited partnership may be continued as if the conversion had not occurred.

Legislative History

1996, c. 292; 2007, c. 631.