South Carolina Articles of Conversion — LLC To Corporation is a legal document that is used to convert a limited liability company in South Carolina into a corporation. The document must be filed with the South Carolina Secretary of State and includes information about the LLC such as its name, purpose, and registered agent. It also includes information about the newly-formed corporation, such as its name, purpose, and directors. There are two types of South Carolina Articles of Conversion — LLC To Corporation: Domestic South Carolina Articles of Conversion and Foreign South Carolina Articles of Conversion. Domestic South Carolina Articles of Conversion is used when the LLC is formed in South Carolina, while Foreign South Carolina Articles of Conversion is used when the LLC is formed in another state, but is converting to a corporation in South Carolina.
South Carolina Articles of Conversion - LLC To Corporation
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?If your company is exhibiting significant growth, converting from an LLC to a corporation will give you the flexibility to allocate some profits to qualify for a lower income-tax bracket," says Paul Sundin, a CPA and tax strategist for Emparion.
The C corporation is subject to double taxation ? the company is taxed on its corporate profits and the company owners are taxed on any dividends they receive. Converting from LLC to C corp is similar to converting an LLC to an S corp.
You may be able to simply convert all of your LLC's assets and liabilities over to your new C corp, which is considered a tax-free contribution under IRS Code Section 351. If that's the case, you won't have to pay taxes.
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.
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.
It is possible to change a limited liability company (LLC) to a corporation, and it's a simple process in many states. But if you only want to become a corporation for its tax advantages, you can also remain an LLC and elect to be to be taxed as an S-Corporation.
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.
An LLC can also elect to be taxed as an S corporation, even if it only has one owner. Electing S corp. taxation doesn't convert your business structure from an LLC to a corporation. It simply changes the way you file and pay taxes and handle owner income.