Code of Virginia § 50-73.127. Effect of conversion; entity unchanged.
90 words·~1 min read·
/va/title-50/chapter-2-2/50-73-127A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A limited partnership that has been converted pursuant to this article is for all purposes the same entity that existed before the conversion.
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.
1996, c. 292 ; 2007, c. 631 .