(a) By complying with §§ 61-3-1111 – 61-3-1115, a domestic limited partnership may become:

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Terms Used In Tennessee Code 61-3-1110

  • Conversion: means a transaction authorized by §. See Tennessee Code 61-3-1101
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Jurisdiction of formation: means the jurisdiction whose laws govern the internal affairs of an entity. See Tennessee Code 61-3-101
  • Merger: means a transaction authorized by §. See Tennessee Code 61-3-1101
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Protected agreement: means :
    (A) A record evidencing indebtedness and any related agreement in effect on the date the entity becomes subject to this chapter pursuant to §. See Tennessee Code 61-3-1101
  • Type of entity: means a generic form of entity:
    (A) Recognized at common law. See Tennessee Code 61-3-1101
(1) A domestic entity that is a different type of entity; or
(2) A foreign entity that is a different type of entity, if the conversion is authorized by the law of the foreign entity’s jurisdiction of formation.
(b) By complying with the provisions of §§ 61-3-1111 – 61-3-1115 applicable to foreign entities, a foreign entity may become a domestic limited partnership if the conversion is authorized by the law of the foreign entity’s jurisdiction of formation.
(c) If a protected agreement contains a provision that applies to a merger of a domestic limited partnership but does not refer to a conversion, the provision applies to a conversion of the partnership as if the conversion were a merger until the provision is amended after the date the entity becomes subject to this chapter pursuant to § 61-3-1207.
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