Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-213
Terms Used In Maryland Code, CORPORATIONS AND ASSOCIATIONS 4A-213
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
(b) When a conversion takes effect:
(1) All property owned by the converting general or limited partnership or the converting proprietorship remains vested in the converted entity;
(2) All obligations and liabilities of the converting general or limited partnership or the converting proprietorship remain vested in the converted entity; and
(3) An action or proceeding pending against the converting general or limited partnership or the converting proprietorship may be continued as if the conversion had not occurred.
(c) In the case of a limited partnership that has been converted pursuant to § 4A-211 of this subtitle, the articles of organization filed pursuant to § 4A-211(a) of this subtitle shall serve as a certificate of cancellation of the converting limited partnership.