Minnesota Statutes 321.1208 – Effect of Designation
Except as otherwise provided in this chapter, a limited partnership remains the same entity for purposes of holding title to or conveying an interest in real or personal property and for all other purposes:
Terms Used In Minnesota Statutes 321.1208
- 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.
- Personal property: All property that is not real property.
(1) during the winding up of the limited partnership following its dissolution;
(2) whether the certificate of limited partnership of a limited partnership is amended to add or delete a statement that the limited partnership is a limited liability limited partnership pursuant to section 321.0406(b)(2); and
(3) regardless of whether the words “limited partnership,” “limited liability limited partnership,” or the designation “LP,” “L.P.,” “LLLP,” or “L.L.L.P.” are used in an instrument conveying an interest in real or personal property to or from the limited partnership or in any other writing.