(a) 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. (b) When a conversion takes effect: (1) All property owned by the converting partnership or limited partnership vests in the limited liability company; (2) All debts, liabilities and other obligations of the converting partnership or limited partnership continue as obligations of the limited liability company; (3) An action or proceeding pending by or against the converting partnership or limited partnership may be continued as if the conversion hada not occurred; (4) Except as prohibited by other law, all of the rights, privileges, immunities, powers and purposes of the converting partnership or limited partnership vest in the limited liability company; and (5) Except as otherwise provided in the agreement of conversion under section 9-902(c), all of the partners of the converting partnership continue as members of the limited liability company.
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