16955
Effective Jan 1, 2018Amended by Stats. 2017, Ch. 561, Sec. 26. (AB 1516) Effective January 1, 2018.
- (a) A domestic partnership, other than a limited partnership, may convert to a registered limited liability partnership by the vote of the partners possessing a majority of the interests of its partners in the current profits of the partnership or by a different vote as may be required in its partnership agreement.
(b) When such a conversion takes effect, all of the following apply:
- (1) All property, real and personal, tangible and intangible, of the converting partnership remains vested in the converted registered limited liability partnership.
- (2) All debts, obligations, liabilities, and penalties of the converting partnership continue as debts, obligations, liabilities, and penalties of the converted registered limited liability partnership.
- (3) Any action, suit, or proceeding, civil or criminal, then pending by or against the converting partnership may be continued as if the conversion had not occurred.
- (4) To the extent provided in the agreement of conversion and in this chapter, the partners of a partnership shall continue as partners in the converted registered limited liability partnership.
- (5) A partnership that has been converted to a registered limited liability partnership pursuant to this chapter is the same person that existed prior to the conversion.