(805 ILCS 180/37-15)
Sec. 37-15.
Effect of conversion; entity unchanged.
(a) A partnership or limited partnership that has been converted under
this Article is for all purposes the same entity that existed
before the conversion.
(b) When a conversion takes effect:
(1) all property owned by the converting partnership |
| or limited partnership vests in the limited liability company;
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(2) all debts, liabilities, and other obligations of
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| the converting partnership or limited partnership continue as obligations of the limited liability company;
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(3) an action or proceeding pending by or against the
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| converting partnership or limited partnership may be continued as if the conversion had not occurred;
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(4) except as prohibited by other law, all of the
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| rights, privileges, immunities, powers, and purposes of the converting partnership or limited partnership vest in the limited liability company; and
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(5) except as otherwise provided in the agreement of
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| conversion under Section 37-10, all of the partners of the converting partnership continue as members of the limited liability company.
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(Source: P.A. 90-424, eff. 1-1-98.)
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