§ 323A.1203 — Effect of Designation
Plain-Language Summary
A partnership remains the same entity for all purposes, including holding property and conducting business, regardless of whether it changes its status, converts to another entity type, or undergoes other structural changes under this chapter.
323A.1203 EFFECT OF DESIGNATION.
Except as otherwise provided in this chapter, a partnership remains the same entity for purposes of holding title to or conveying an interest in real or personal property and for all other purposes:
(1) during the winding up of the partnership following its dissolution;
(2) whether the status of a partnership that is a limited liability partnership terminates under section 323A.0105(d) or 323A.1003; and
(3) regardless of whether the words “limited liability partnership,” “professional limited liability partnership,” “general partnership,” “registered limited liability partnership,” or the designation “L.L.P.,” “LLP,” “P.L.L.P.,” “PLLP,” “R.L.L.P.,” or “RLLP” are used in an instrument conveying an interest in real or personal property to or from the partnership or in any other writing.
History:
NOTE: This chapter was formerly codified as sections 323A.1-01 to 323A.12-03. See Minnesota Statutes 2002. The chapter was recodified in 2004 as sections 323A.0101 to 323A.1203. The recodification is arranged in the same sequence as the original codification.
History: History: 1997 c 174 art 12 s 64