- (1) A limited partnership may be converted to a partnership pursuant to this section.
- (2) Notwithstanding any provision in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership must be approved by all of the partners.
- (3) After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.
- (4) A conversion takes effect when the certificate of limited partnership is canceled.
- (5) A limited partner who becomes a general partner as a result of a conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. The partner is liable as a general partner for an obligation of the partnership incurred after the conversion takes effect.
History.--s. 13, ch. 95-242.