{"data":{"id":"us-ny/n.y.-limited-liability-company-law-1007","jurisdiction":"us-ny","citation":"N.Y. Limited Liability Company Law § 1007","heading":"Effect of conversion","body":"§ 1007. Effect of conversion. (a) A partnership or limited partnership\nthat has been converted pursuant to this chapter is for all purposes the\nsame entity that existed before the conversion.\n  (b) When a conversion takes effect:\n  (i) all property, real and personal, tangible and intangible, of the\nconverting partnership or limited partnership remains vested in the\nconverted limited liability company;\n  (ii) all debts, obligations, liabilities and penalties of the\nconverting partnership or limited partnership continue as debts,\nobligations, liabilities and penalties of the converted limited\nliability company;\n  (iii) any action, suit or proceeding, civil or criminal, then pending\nby or against the converting partnership or limited partnership may be\ncontinued as if the conversion had not occurred; and\n  (iv) to the extent provided in the agreement of conversion and in this\nchapter, the partners of a partnership or the general partners and\nlimited partners of a limited partnership shall continue as members in\nthe converted limited liability company.","path":["Limited Liability Company Law","Article 10. Mergers"],"source_url":"https://legislation.nysenate.gov/api/3/laws/LLC/1007","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"5835abf34503ad816549ac1b297a3d4bc07300ab61e1d78ac5914c50dbbfdfef","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-limited-liability-company-law-1006","next":"us-ny/n.y.-limited-liability-company-law-1101"},"notice":"GroundRules: Original legal text. Not legal advice."}