486A.902 Conversion of partnership to limited partnership.
1. A partnership may be converted to a limited partnership pursuant to this section.
2. The terms and conditions of a conversion of a partnership to a limited partnership must be approved by all of the partners or by a number or percentage specified for conversion in the partnership agreement.
3. After the conversion is approved by the partners, the partnership shall file a certificate of limited partnership in the jurisdiction in which the limited partnership is to be formed. The certificate must include all of the following:
a. A statement that the partnership was converted to a limited partnership from a partnership.
b. Its former name.
c. A statement of the number of votes cast by the partners for and against the conversion and, if the vote is less than unanimous, the number or percentage required to approve the conversion under the partnership agreement.
4. The conversion takes effect when the certificate of limited partnership is filed or at any later date specified in the certificate.
5. A general partner who becomes a limited partner as a result of the conversion remains liable as a general partner for an obligation incurred by the partnership before the conversion takes effect. If the other party to a transaction with the limited partnership reasonably believes when entering the transaction that the limited partner is a general partner, the limited partner is liable for an obligation incurred by the limited partnership within ninety days after the conversion takes effect. The limited partner’s liability for all other obligations of the limited partnership incurred after the conversion takes effect is that of a limited partner as provided in chapter 488.
98 Acts, ch 1201, §46, 79, 82; 2004 Acts, ch 1021, §112, 117, 118
Structure Iowa Code
Chapter 486A - UNIFORM PARTNERSHIP ACT
Section 486A.101 - Definitions.
Section 486A.102 - Knowledge and notice.
Section 486A.103 - Effect of partnership agreement — nonwaivable provisions.
Section 486A.104 - Supplemental principles of law.
Section 486A.105 - Execution, filing, and recording of statements.
Section 486A.105A - Secretary of state — extra services — surcharge.
Section 486A.106 - Governing law.
Section 486A.107 - Partnership subject to amendment or repeal of chapter.
Section 486A.201 - Partnership as entity.
Section 486A.202 - Formation of partnership.
Section 486A.203 - Partnership property.
Section 486A.204 - When property is partnership property.
Section 486A.301 - Partner agent of partnership.
Section 486A.302 - Transfer of partnership property.
Section 486A.303 - Statement of partnership authority.
Section 486A.304 - Statement of denial.
Section 486A.305 - Partnership liable for partner’s actionable conduct.
Section 486A.306 - Partner’s liability.
Section 486A.307 - Actions by and against partnership and partners.
Section 486A.308 - Liability of purported partner.
Section 486A.401 - Partner’s rights and duties.
Section 486A.402 - Distributions in kind.
Section 486A.403 - Partner’s rights and duties with respect to information.
Section 486A.404 - General standards of partner’s conduct.
Section 486A.405 - Actions by partnership and partners.
Section 486A.406 - Continuation of partnership beyond definite term or particular undertaking.
Section 486A.501 - Partner not co-owner of partnership property.
Section 486A.502 - Partner’s transferable interest in partnership.
Section 486A.503 - Transfer of partner’s transferable interest.
Section 486A.504 - Partner’s transferable interest subject to charging order.
Section 486A.601 - Events causing partner’s dissociation.
Section 486A.602 - Partner’s power to dissociate — wrongful dissociation.
Section 486A.603 - Effect of partner’s dissociation.
Section 486A.701 - Purchase of dissociated partner’s interest.
Section 486A.702 - Dissociated partner’s power to bind and liability to partnership.
Section 486A.703 - Dissociated partner’s liability to other persons.
Section 486A.704 - Statement of dissociation.
Section 486A.705 - Continued use of partnership name.
Section 486A.801 - Events causing dissolution and winding up of partnership business.
Section 486A.802 - Partnership continues after dissolution.
Section 486A.803 - Right to wind up partnership business.
Section 486A.804 - Partner’s power to bind partnership after dissolution.
Section 486A.805 - Statement of dissolution.
Section 486A.806 - Partner’s liability to other partners after dissolution.
Section 486A.807 - Settlement of accounts and contributions among partners.
Section 486A.901 - Definitions.
Section 486A.902 - Conversion of partnership to limited partnership.
Section 486A.903 - Conversion of limited partnership to partnership.
Section 486A.904 - Effect of conversion — entity unchanged.
Section 486A.905 - Merger of partnerships.
Section 486A.906 - Effect of merger.
Section 486A.907 - Statement of merger.
Section 486A.908 - Nonexclusive.
Section 486A.1001 - Statement of qualification.
Section 486A.1101 - Law governing foreign limited liability partnership.
Section 486A.1102 - Statement of foreign qualification.
Section 486A.1103 - Effect of failure to qualify.
Section 486A.1104 - Activities not constituting transacting business.
Section 486A.1105 - Action by attorney general.
Section 486A.1201 - Filing requirements.
Section 486A.1203 - Effective time and date of documents.
Section 486A.1204 - Correcting filed documents.
Section 486A.1205 - Filing duty of secretary of state.
Section 486A.1206 - Appeal from secretary of state’s refusal to file document.
Section 486A.1207 - Evidentiary effect of copy of filed document.
Section 486A.1208 - Certificates issued by secretary of state.
Section 486A.1209 - Penalty for signing false document.
Section 486A.1210 - Secretary of state powers.
Section 486A.1211 - Registered office and registered agent.
Section 486A.1212 - Change of registered office or registered agent.
Section 486A.1213 - Resignation of registered agent.
Section 486A.1214 - Service on partnership.
Section 486A.1301 - Uniformity of application and construction.