275.375 Effect of conversion.
166 words·~1 min read·
/ky/chapter-275/275-375A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A partnership or limited partnership that has been converted pursuant to this chapter
shall be for all purposes the same entity that existed before the conversion.
(2)When a conversion takes effect:
(a)All property and contract rights owned by, and all rights, privileges, and
immunities of the converting partnership or limited partnership shall remain
vested in the converted limited liability company without assignment,
reversion, or impairment;
(b)All obligations of the converting partnership or limited partnership shall
continue as obligations of the converted limited liability company;
(c)An action or proceeding pending against the converting partnership or limited
partnership may be continued as if the conversion had not occurred and the
name of the converted limited liability company may be substituted in any
pending action or proceeding for the name of the converting partnership or
limited partnership; and
(d)The written operating agreement of the converted limited liability company
shall be binding upon each person who becomes a member of the limited
liability company.