Indiana 51576- Articles of Entity Conversion: Conversion of A Corporation Into A Limited Liability is a document required by the Indiana Secretary of State for a corporation to convert its entity into a limited liability company (LLC). The document is required to be filed with the Secretary of State and includes the name of the corporation, the date of the conversion, the name of the LLC to be created, the address of the LLC, the names and addresses of the managers or members, the effective date of the conversion, and the signatures of the corporation’s officers and directors. There are two types of Indiana 51576- Articles of Entity Conversion: Conversion of A Corporation Into A Limited Liability: 1) Conversion of an Indiana Corporation and 2) Conversion of a Foreign Corporation.
Indiana 51576- Articles of Entity Conversion: Conversion of A Corporation Into A Limited Liability
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Corporate directors can also choose to merge their corporation into an LLC. The company can file an application with their home state's Secretary of State to create a new LLC. The directors and shareholders can then approve a merger between the existing S corporation and the new LLC.
What is a business conversion? A conversion is a filing that is made with the state of incorporation allowing a company to change from one business type to another.
This process of changing formal entity types is known as a ?conversion.? A conversion is a statutory transaction in which one type of business entity becomes a different type of business entity?such as an LLC becoming a Limited Partnership.
Three ways to change from one form of entity to another are dissolution/formation, inter-entity merger, and statutory conversion.
File a Certificate of Conversion (Form CONV-1A (PDF)) online at bizfileOnline.sos.ca.gov, by mail, or in person; The filing fee is $150 if a California Corp is involved; and $30 for all others.
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.
If the S Corp's assets have increased between the time of the formation of the business and the time of the conversion to an LLC, a capital gain is realized. This means that the shareholders must pay capital gains tax on the amount of that gain.
In California, you can use a relatively new, simplified procedure that allows you to convert your business from a corporation to an LLC largely by filing a single document with the Secretary of State.