Virginia § 50-73.126 - Conversion of limited partnership to partnership
Full text of Virginia Code of Virginia § 50-73.126 — Conversion of limited partnership to partnership, with citation guidance and answers to common questions.
§ 50-73.126. Conversion of limited partnership to partnership
A. A limited partnership may be converted to a partnership pursuant to this section.
B. Notwithstanding a provision to the contrary in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership shall be approved by all of the partners.
C. After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.
D. The conversion takes effect when the certificate of limited partnership is canceled.
E. A limited partner who becomes a general partner as a result of the conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. Subject to § 50-73.96, the partner is liable as a general partner for an obligation of the partnership incurred after the conversion takes effect.
1996, c. 292.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 50-73.126
What does Code of Virginia § 50-73.126 cover?
Section 50-73.126 ("Conversion of limited partnership to partnership") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 50-73.126?
A common citation format is "Code of Virginia § 50-73.126" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 50-73.126 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.