The 18 partners in KT Limited Partnership unanimously voted to convert their partnership to an LLC. To

Question:

The 18 partners in KT Limited Partnership unanimously voted to convert their partnership to an LLC. To make the conversion, each partner will exchange his interest in KT for a membership interest in the newly formed LLC.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...