Virginia Code 50-73.127: Effect of conversion; entity unchanged.
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A. A limited partnership that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.
Terms Used In Virginia Code 50-73.127
- 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.
B. When a conversion takes effect:
1. All property owned by the converting limited partnership remains vested in the resulting partnership;
2. All obligations of the converting limited partnership continue as obligations of the resulting partnership; and
3. An action or proceeding pending against the converting limited partnership may be continued as if the conversion had not occurred.