1. A partnership or 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 Iowa Code 486A.904

  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under section 486A. See Iowa Code 486A.101
  • 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.
  • Property: means all property, real, personal, or mixed, tangible or intangible, or any interest in such property. See Iowa Code 486A.101
 2. When a conversion takes effect all of the following apply:

 a. All property owned by the converting partnership or limited partnership remains vested in the converted entity.
 b. All obligations of the converting partnership or limited partnership continue as obligations of the converted entity.
 c. An action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.
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