2006 New York Code - Effect Of Conversion



 
    § 1007. Effect of conversion. (a) A partnership or limited partnership
  that has been converted pursuant to this chapter is for all purposes the
  same entity that existed before the conversion.
    (b) When a conversion takes effect:
    (i)  all  property, real and personal, tangible and intangible, of the
  converting partnership or limited  partnership  remains  vested  in  the
  converted limited liability company;
    (ii)   all  debts,  obligations,  liabilities  and  penalties  of  the
  converting  partnership  or  limited  partnership  continue  as   debts,
  obligations,   liabilities   and  penalties  of  the  converted  limited
  liability company;
    (iii) any action, suit or proceeding, civil or criminal, then  pending
  by  or  against the converting partnership or limited partnership may be
  continued as if the conversion had not occurred; and
    (iv) to the extent provided in the agreement of conversion and in this
  chapter, the partners of a  partnership  or  the  general  partners  and
  limited  partners  of a limited partnership shall continue as members in
  the converted limited liability company.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.