Washington Code 25.05.365 – Effect of conversion — Entity unchanged
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(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 Washington Code 25.05.365
- 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.
(2) When a conversion takes effect:
(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; and
(c) An action or proceeding pending against the converting partnership or limited partnership may be continued as if the conversion had not occurred.
[ 1998 c 103 § 904.]