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Alabama Conversion of a Domestic Entity - Professional Corporation to Limited Liability Company

State:
Alabama
Control #:
AL-CONVERSIONS-010
Format:
PDF
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Conversion of a Domestic Entity - Professional Corporation to Limited Liability Company Alabama Conversion of a Domestic Entity — Professional Corporation to Limited Liability Company is a process by which a Professional Corporation (PC) in the state of Alabama converts itself to a Limited Liability Company (LLC). This process is governed by the Alabama Business and Non-Profit Entities Code (Code of Alabama Title 10A). There are three types of Alabama Conversion of a Domestic Entity — Professional Corporation to Limited Liability Company: Statutory Conversion, Non-Statutory Conversion, and Reincorporation Conversion. The Statutory Conversion process involves the filing of Articles of Conversion with the Alabama Secretary of State. The Non-Statutory Conversion process requires the filing of Articles of Organization for the new LLC, Articles of Dissolution for the old PC, and a Certificate of Conversion. The Reincorporation Conversion process requires the filing of Articles of Organization of the LLC, Articles of Dissolution of the PC, and Articles of Reincorporation of the LLC. The conversion process requires the PC to transfer its assets and liabilities to the LLC. Additionally, the PC must notify its creditors of the conversion and satisfy any outstanding debts or liabilities. Once the conversion is complete, the PC will cease to exist and the LLC will become the new legal entity.

Alabama Conversion of a Domestic Entity — Professional Corporation to Limited Liability Company is a process by which a Professional Corporation (PC) in the state of Alabama converts itself to a Limited Liability Company (LLC). This process is governed by the Alabama Business and Non-Profit Entities Code (Code of Alabama Title 10A). There are three types of Alabama Conversion of a Domestic Entity — Professional Corporation to Limited Liability Company: Statutory Conversion, Non-Statutory Conversion, and Reincorporation Conversion. The Statutory Conversion process involves the filing of Articles of Conversion with the Alabama Secretary of State. The Non-Statutory Conversion process requires the filing of Articles of Organization for the new LLC, Articles of Dissolution for the old PC, and a Certificate of Conversion. The Reincorporation Conversion process requires the filing of Articles of Organization of the LLC, Articles of Dissolution of the PC, and Articles of Reincorporation of the LLC. The conversion process requires the PC to transfer its assets and liabilities to the LLC. Additionally, the PC must notify its creditors of the conversion and satisfy any outstanding debts or liabilities. Once the conversion is complete, the PC will cease to exist and the LLC will become the new legal entity.

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Alabama Conversion of a Domestic Entity - Professional Corporation to Limited Liability Company