South Carolina Conversion of Partnership or Limited Partnership to Limited Liability Company Articles of Organization is a legal document used to convert a Partnership or Limited Partnership to a Limited Liability Company (LLC). The document is filed with the South Carolina Secretary of State and provides the name of the Partnership or Limited Partnership, the name of the new LLC, the date of conversion, the address of the LLC, the name and address of the registered agent, and the names of the LLC's members. Additionally, the document includes the LLC's purpose, the capital structure, and the name and address of the LLC's organizer. There are two types of South Carolina Conversion of Partnership Or Limited Partnership To Limited Liability Company Articles of Organization: Short Form and Long Form. The Short Form is used for LCS with no more than three members while the Long Form is used for LCS with more than three members.
South Carolina Conversion of Partnership Or Limited Partnership To Limited Liability Company Articles of Organization
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How to fill out South Carolina Conversion Of Partnership Or Limited Partnership To Limited Liability Company Articles Of Organization?
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FAQ
Specifically, Section 33-44-303 of the South Carolina Code of Laws provides that the liabilities of the LLC are solely the liabilities of the company, and a member or manager is not personally liable for them solely by reason of being or acting as a member or a manager.
The conversion of a partnership firm to LLP shall be done as per Section 55 of the Limited Liability Partnership Act 2008 read with Schedule II of the Act. It is mandatory for all Partners to hold a valid Digital Signature Certificate (DSC) and at least two partners must have a DPIN before making such an application.
Converting a partnership to LLC is relatively straightforward. Generally, each partner must sign the company's operating agreement and then file articles of organization with the state agency responsible for registering business organizations.
Compared to traditional partnership firms, LLPs are more regulated. Thus they are bound to make certain compliances, such as filing Financial statements and Annual returns. Though the compliances are minimal, non-compliance of this could lead to a hefty penalty for both LLP and its partners.
Sole Proprietorship: A sole proprietorship is a business owned and operated by one person and cannot be converted into an LLP.
Steps Involved in the Conversion: Get digital signatures of all partners. Apply for DIN for all the partners. Submit the application with RUN-LLP Form on the MCA website. Submit an application by filling out the form Fillip for the conversion. Register LLP agreement with the MCA website.
The conversion of a partnership firm to LLP shall be done as per Section 55 of the Limited Liability Partnership Act 2008 read with Schedule II of the Act. It is mandatory for all Partners to hold a valid Digital Signature Certificate (DSC) and at least two partners must have a DPIN before making such an application.
SECTION 33-44-202. Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Secretary of State for filing.