2006 Kentucky Revised Statutes - .903   Conversion of limited partnership to partnership.

362.1-903 Conversion of limited partnership to partnership. (1) A limited partnership may be converted to a partnership pursuant to this section. (2) 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 shall be approved by all of the partners. (3) After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership and any certificate of assumed name filed with the Secretary of State. (4) The conversion takes effect when the certificate of limited partnership is canceled. (5) 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 KRS 362.1-306, the partner is liable as a general partner for an obligation of the partnership incurred after the conversion takes effect. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 63, effective July 12, 2006. Page 1 of 1