(a) A partnership or limited partnership that has been converted pursuant to this part is for all purposes the same entity that existed before the conversion.
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Terms Used In Tennessee Code 61-1-904

  • 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.
  • Partnership: means an association of two (2) or more persons to carry on as co-owners of a business or other undertaking for profit formed under §. See Tennessee Code 61-1-101
  • Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Tennessee Code 61-1-101
(b) When a conversion takes effect:

(1) All property owned by the converting partnership or limited partnership remains vested in the converted entity;
(2) All obligations of the converting partnership or limited partnership continue as obligations of the converted entity; and
(3) An action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.
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