An Object if passed as a value type then changes made to the members of the object inside the method are impacted outside the method also. But if the object itself is set to another object or reinitialized then it will not be reflected outside the method. So i would say object as a whole is passed as Valuetype only but object members are still reference type.
private void button1_Click(object sender, EventArgs e)
{
Class1 objc ;
objc = new Class1();
objc.empName = "name1";
checkobj( objc);
MessageBox.Show(objc.empName); //propert value changed; but object itself did not change
}
private void checkobj ( Class1 objc)
{
objc.empName = "name 2";
Class1 objD = new Class1();
objD.empName ="name 3";
objc = objD ;
MessageBox.Show(objc.empName); //name 3
}