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The Florida Senate

2004 Florida Statutes

Conversion of limited partnership to partnership.
Section 620.8903, Florida Statutes 2004

620.8903  Conversion of limited partnership to partnership.--

(1)  A limited partnership may be converted to a partnership pursuant to this section.

(2)  Notwithstanding any provision in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership must be approved by all of the partners.

(3)  After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.

(4)  A conversion takes effect when the certificate of limited partnership is canceled.

(5)  A limited partner who becomes a general partner as a result of a conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. Except as otherwise provided in s. 620.8306(3), the partner is liable as a general partner for an obligation of the partnership incurred after the conversion takes effect.

History.--s. 13, ch. 95-242; s. 19, ch. 99-285.