51582-Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business is a legal document used by Indiana business owners to convert a non-corporation business (such as a sole proprietorship or partnership) to a corporation. This document establishes the new corporation, outlines its purpose, and outlines the rights and responsibilities of the shareholders. It also defines the terms of the conversion, including the transfer of assets and liabilities, the payment of taxes, and any other relevant details. The document is filed with the Secretary of State, and upon approval, the conversion is complete and the new corporation is established. Types of 51582-Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business include: 1. Conversion of a Sole Proprietorship to a Corporation 2. Conversion of a Partnership to a Corporation 3. Conversion of a Limited Liability Company to a Corporation 4. Conversion of an unincorporated association to a Corporation 5. Conversion of a Limited Liability Partnership to a Corporation.
51582-Articles of Entity Conversion: Conversion of An Indiana Non-Corporation Business
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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.
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.
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.
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.
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.
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.
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.