The Illinois Agreement and Plan of Conversion is a legal document that outlines the process and terms of converting one type of business entity into another in the state of Illinois. It is an important legal instrument used to facilitate the conversion of a company's legal structure, typically from one type of entity to another, without the need for dissolution or the creation of a completely new entity. Some different types of Illinois Agreement and Plan of Conversion include: 1. Corporation to LLC Conversion: This conversion allows a corporation to transform into a limited liability company (LLC). The agreement will specify the terms and conditions of the conversion, such as the transfer of assets and liabilities, capital structure changes, and membership interests in the new LLC. 2. LLC to Corporation Conversion: This type of conversion enables an LLC to convert into a corporation. The agreement will outline the steps and details regarding the conversion, including the issuance of shares, changes in ownership structure, and the transfer of assets and liabilities to the new corporation. 3. Corporation to Partnership Conversion: In this type of conversion, a corporation is transformed into a partnership. The agreement will provide information on transferring corporate assets and liabilities to the partnership, changes in ownership structure, and the distribution of partnership interests to shareholders. 4. Partnership to Corporation Conversion: This conversion allows a partnership to be converted into a corporation. The agreement will specify the steps for transferring partnership assets and liabilities to the new corporation, changes in ownership structure, and the issuance of shares to partners. 5. Non-profit Corporation Conversion: This type of conversion involves the transformation of a non-profit corporation into a for-profit corporation or another type of entity. The agreement will outline the changes required for tax-exempt status, governing structure, and any required approvals from state authorities or members. 6. Professional Corporation Conversion: A professional corporation, typically formed by licensed professionals like doctors or lawyers, may convert into a regular corporation or another business structure. The agreement will detail the transfer of professional assets and liabilities, changes in ownership, and the compliance with any regulations governing such conversions. In all cases, the Illinois Agreement and Plan of Conversion must comply with the applicable laws, regulations, and filing requirements of the state. These documents play a crucial role in ensuring a smooth and legally compliant conversion process, protecting the rights and interests of all parties involved.
Illinois Agreement and Plan of Conversion -
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Under Illinois law, a cause of action for conversion requires proof of the following elements: "(1) a right in the properly; (2) the right to immediate, absolute, and unconditional Possession of the property; (3) defendant's unauthorized and wrongful assumption of control, dominion, or ownership over the property; and ...
An Illinois LLC can provide professional services?but only if the company is formed as a professional limited liability company (PLLC). An out-of-state LLC can domesticate to Illinois as long as it has all required licenses and otherwise complies with the Illinois Professional Limited Liability Company Act.
The state of Illinois allows corporations to convert to Illinois LLCs by statutory conversion. You need to file form LLC-1A with the state while following the steps mentioned above for statutory conversion.
To domesticate your LLC in Illinois, you would have to file a Statement of Domestication with the IL Secretary of State Department of Business Services. This statement should include the following information: Name, type (i.e. LLC) and jurisdiction of entity in its current location.
Illinois Conversion Information Conversion is the process of changing the entity type or the entity type and home state of a business. Conversions become more complex when an entity is registered in multiple states.
On July 1, 2018, the Illinois Entity Omnibus Act goes into effect. This Act allows Illinois corporations and unincorporated entities to convert into other entity forms and to domesticate to another state in a simple one-step transaction.
The Certificate of Conversion, also known as the Articles or Statement of Conversion, is the document that officially puts your business entity conversion into effect. This conversion document includes basic information about both your converting and converted entities.