South Carolina Conversion of a Limited Liability Company (LLC) to a Benefit Corporation is a process whereby a business entity or organization is converted from an LLC to a Benefit Corporation. The conversion process involves filing a Certificate of Conversion with the South Carolina Secretary of State, changing the articles of organization and updating other documents such as the operating agreement and bylaws. The conversion allows the LLC to become a Benefit Corporation, which is a type of business entity that seeks to create a positive impact on society and the environment. The Benefit Corporation is a for-profit business entity that has additional accountability and transparency standards. The conversion process allows for a company to have a mission to create a public benefit or a specific public benefit, and to pursue that mission with a greater emphasis than is traditionally required of corporations. There are two types of South Carolina Conversion of a Limited Liability Company To A Benefit Corporation: 1) Conversion of an LLC to a Public Benefit Corporation; and 2) Conversion of an LLC to a Flexible Purpose Benefit Corporation.
South Carolina Conversion of A Limited Liability Company To A Benefit Corporation
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The Form 8832 is also filed to change the LLC's entity classification. Thus, an LLC that has been treated as a partnership for several years may be able to prospectively change its classification to be treated as a corporation by filing Form 8832.
Converting an LLC to C Corp is easy. The process is fast, and the required paperwork for the conversion is easy to understand. Typically, the state of Delaware will process the paperwork within three days. It's also affordable as it generally costs less than $300 to convert an LLC to a C Corporation in Delaware.
Here's what the general process entails: Form a separate corporation with LLC members as shareholders. Create a merger plan and ask each member to approve it. Exchange your membership interests for shares in the new corporation. File a certificate of merger with your state. File a formal dissolution of your LLC.
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.
Because an LLC is a separate entity, the owners of the company have limited liability. This is one of the most important benefits to operating as a limited liability company. Limited liability means that the individual assets of LLC members cannot be used to satisfy the LLC's debts and obligations.
You can dissolve a corporation by filing Articles of Dissolution with the Secretary of State's office. For an LLC, you must file Articles of Termination. You can file these documents online or by mail. There is also a small fee requirement with the filing of the dissolution documents.
Most states allow LLCs to be converted to a corporation by the simple filing of documents with the state. At the time of the conversion the LLC by operation of law becomes a corporation and, therefore, the owner of all the assets, liabilities and obligations of the LLC. 2.
South Carolina allows domestication of corporations ONLY. Owners of LLCs looking to domesticate in South Carolina need to dissolve in home state and form a new LLC in South Carolina.