51577- Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business is a document used by an Indiana non-corporation business to convert into a corporation, limited liability company or limited partnership. This document is required to be filed with the Indiana Secretary of State. It is used to officially record the conversion of the business entity and includes information about the original entity, the converting entity and the new entity. There are two types of 51577- Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business: Conversion of a Sole Proprietorship/General Partnership to a Corporation or Limited Liability Company and Conversion of an Unincorporated Non-Profit Association to a Corporation or Limited Liability Company.
51577- Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business
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FAQ
For example, the owners may wish to change from a corporation to an LLC. 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.
In a statutory conversion, all of the assets of the converting entity are vested in the converted entity by ?operation of law?. This means that the vesting happens automatically and without the converting entity having to transfer or deed the property to the converted entity.
Converted-Out: The business entity converted to another type of business entity or to the same type under a different jurisdiction as provided by statute. The name of the new entity can be obtained by ordering a copy of the filed conversion document containing the name of the new entity, or by ordering a status report.
A business entity conversion, or change in business form, is the legal process of converting an existing business entity from one legal form into another. Most of the time, a business will change from a less complex structure like a partnership to a more complex structure like a limited liability company.
Statutory conversion ? In a conversion, a document is filed with the state filing office to change from one entity form to another. There is no need to form a new entity.
Using such a conversion process to change corporation to LLC does not require you to dissolve your corporation. Instead, rather than your forming an LLC, the corporation is converted to an LLC. Additionally, corporate assets and liabilities are automatically transferred over to the new LLC.
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.