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Conversion of a General Partnership to a Limited Partnership A conversion of a general partnership into a limited partnership does not terminate the partnership. A partnership adopting a limited liability format will be treated as continuing to operate its business in partnership form.
In Pennsylvania, converting a General Partnership to an LLC requires filing a Statement of Conversion (Form DSCB: 15-355) with the Pennsylvania Department of State. A Docketing Statement must also accompany this form.
In winding up its business, a partnership shall discharge the partnerships debts, obligations and other liabilities, settle and close the partnerships activities and affairs, and marshal and distribute the assets of the partnership. It may deliver to the Department of State for filing a Certificate of Dissolution.
For example, a major reason for conversion of many limited partnerships to LLCs was to avoid the unlimited liability which the general partner has in the partnerhship. This can be avoided in an LLC.
Business Partnership: To convert a partnership, you must fill out and file the Articles of Organization and pay the filing fee. The business assets should then be transferred to the LLC and the previously registered partnership should be shut down by filing a Certificate of Cancellation with the state.