North Carolina General Statutes 59-1060. Conversion
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A domestic limited partnership may convert to a different business entity if:
(1) The conversion is permitted by the laws of the state or country governing the organization and internal affairs of such other business entity; and
(2) The converting domestic limited partnership complies with the requirements of this Part and, to the extent applicable, the laws referred to in subdivision (1) of this section. (2001-387, s. 142.)
Terms Used In North Carolina General Statutes 59-1060
- Business: means any lawful trade, investment, or other purpose or activity, whether or not the trade, investment, purpose, or activity is carried on for profit. See North Carolina General Statutes 59-102
- Business entity: means a domestic corporation (including a professional corporation as defined in N. See North Carolina General Statutes 59-102
- Domestic limited partnership: Has the same meaning as in N. See North Carolina General Statutes 59-32
- 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.
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See North Carolina General Statutes 59-102