Section 1007. Effect of conversion

(a) A partnership or limited partnership
  that has been converted pursuant to this chapter is for all purposes the
  same entity that existed before the conversion.
    (b) When a conversion takes effect:
    (i)  all  property, real and personal, tangible and intangible, of the
  converting partnership or limited  partnership  remains  vested  in  the
  converted limited liability company;
    (ii)   all  debts,  obligations,  liabilities  and  penalties  of  the
  converting  partnership  or  limited  partnership  continue  as   debts,
  obligations,   liabilities   and  penalties  of  the  converted  limited
  liability company;
    (iii) any action, suit or proceeding, civil or criminal, then  pending
  by  or  against the converting partnership or limited partnership may be
  continued as if the conversion had not occurred; and
    (iv) to the extent provided in the agreement of conversion and in this
  chapter, the partners of a  partnership  or  the  general  partners  and
  limited  partners  of a limited partnership shall continue as members in
  the converted limited liability company.