(a) Pursuant to a plan of merger approved as provided in subsection (c), a partnership may be merged with one (1) or more partnerships or limited partnerships.
Terms Used In Tennessee Code 61-1-905
foreign: means a partnership that:(A) Is formed under the laws of any jurisdiction other than the state of Tennessee. See Tennessee Code 61-1-101
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Partnership: means an association of two (2) or more persons to carry on as co-owners of a business or other undertaking for profit formed under §. See Tennessee Code 61-1-101
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.
Partnership agreement: means the agreement, whether written, oral, or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Tennessee Code 61-1-101
Property: means all property, real, personal, or mixed, tangible or intangible, or any interest therein. See Tennessee Code 61-1-101
State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 61-1-101
(b) The plan of merger must set forth:
(1) The name of each partnership or limited partnership that is a party to the merger;(2) The name of the surviving entity into which the other partnership or limited partnerships will merge;(3) Whether the surviving entity is a partnership or a limited partnership and the status of each partner;(4) The terms and conditions of the merger;(5) The manner and basis of converting the interests of each party to the merger into interests or obligations of the surviving entity, or into money or other property in whole or part; and(6) The street address of the surviving entity’s chief executive office.(c) The plan of merger must be approved:
(1) In the case of a partnership that is a party to the merger, by all of the partners, or a number or percentage specified for merger in the partnership agreement; and(2) In the case of a limited partnership that is a party to the merger, by the vote required for approval of a merger by the law of the state or foreignjurisdiction in which the limited partnership is organized and, in the absence of such a specifically applicable law, by all of the partners, notwithstanding a provision to the contrary in the partnership agreement.(d) After a plan of merger is approved and before the merger takes effect, the plan may be amended or abandoned as provided in the plan.(e) The merger takes effect on the later of:
(1) The approval of the plan of merger by all parties to the merger, as provided in subsection (c);(2) The filing of all documents required by law to be filed as a condition to the effectiveness of the merger; or(3) Any effective date specified in the plan of merger.
