The District of Columbia Agreement and Plan of Conversion refers to a legal document that outlines the process and terms under which a business entity located in the District of Columbia converts from one type of entity to another. This conversion could involve changing the legal structure, ownership, or operational characteristics of the entity. The agreement and plan serve as a blueprint for this conversion, ensuring all necessary steps are taken in compliance with the District of Columbia's legal requirements. There are different types of District of Columbia Agreement and Plan of Conversion, depending on the specific nature of the conversion. Some common types include: 1. Conversion from a sole proprietorship to a corporation: This type of conversion is suitable when an individual wishes to transform their sole proprietorship business into a separate legal entity, such as a corporation. The agreement and plan would outline the transfer of assets, liabilities, and ownership rights, as well as any required changes in governance structure or licensing. 2. Conversion from partnership to a limited liability company (LLC): In this case, the agreement would detail the process of converting a partnership business into an LLC, which provides limited liability protection to the partners. The document would cover aspects such as the transfer of partnership interests to LLC membership interests, distribution of assets, and modification of partnership agreements. 3. Conversion from a corporation to a nonprofit organization: This type of conversion involves transforming a for-profit corporation into a nonprofit entity. The agreement and plan would address the transfer of assets to the newly formed nonprofit, changes in the board of directors, and modifications to the corporation's bylaws or articles of incorporation to comply with nonprofit regulations. 4. Conversion from a limited liability company to a partnership: This conversion is suitable when an LLC desires to operate as a partnership. The agreement and plan would outline the transfer of ownership interests, adjustment of operational agreements, and any modifications needed to conform to partnership laws. In summary, the District of Columbia Agreement and Plan of Conversion is a critical legal document that facilitates the transformation of a business entity within the District of Columbia from one form to another. It ensures compliance with local laws and regulations while providing a roadmap for a successful conversion process.
District of Columbia Agreement and Plan of Conversion -
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A brief overview of the condo conversion approval process in Washington, DC, is outlined below. DETERMINE ELIGIBILITY. Start by submitting an "Eligibility to Convert" application to the DHCD. ... SUBMIT PUBLIC OFFERING STATEMENT. Next, the Public Offering Statement (POS) is submitted to the DHCD. ... APPLY FOR DCRA RECORDATION.
An LLC domestication under District of Columbia law transfers an out-of-state LLC into the District or transfers an LLC formed in the District into another state. An LLC conversion under District of Columbia law changes an LLC into another entity type?such as a corporation?or changes another entity type into an LLC.
CONVERSION FEES The owner must make a Conversion Fee payment of 5% of each unit sales price to the DHCD within 30 business days of the settlement date (§ 42?3402.04 of the Code of District of Columbia).