New York Consolidated Laws, Limited Liability Company Law - LLC § 1007. Effect of conversion

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(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.

Cite this article: FindLaw.com - New York Consolidated Laws, Limited Liability Company Law - LLC § 1007. Effect of conversion - last updated January 01, 2021 | https://codes.findlaw.com/ny/limited-liability-company-law/llc-sect-1007.html


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