The Washington Agreement and Plan of Conversion is a legally binding agreement and plan that outlines the process of converting a company or organization into a different legal structure. This agreement is primarily used in the United States and is often employed when a business wishes to change from one type of entity to another, such as from a partnership to a corporation, or from a limited liability company (LLC) to a sole proprietorship. The purpose of the agreement is to ensure that the conversion is carried out in a proper and orderly manner, protecting both the company and its stakeholders. This agreement typically includes several key elements. Firstly, it defines the terms and conditions of the conversion, outlining the specific steps that need to be taken to complete the process. It may also detail any required approvals or consents, such as those from shareholders or regulatory bodies. Additionally, the agreement addresses various aspects related to the conversion, such as the treatment of assets, liabilities, contracts, and intellectual property. It provides guidelines on how these should be transferred or assigned during the conversion process, ensuring a smooth transition without any disruption to business operations. Furthermore, the Washington Agreement and Plan of Conversion often includes provisions regarding the rights and obligations of the parties involved, such as existing shareholders, creditors, and employees. This helps safeguard their interests and ensures a fair distribution of ownership, debts, and duties post-conversion. Different types or variations of the Washington Agreement and Plan of Conversion can exist depending on the specific legal structures involved in the conversion. For instance, if a company wants to change from a sole proprietorship to a partnership, or from a corporation to an LLC, unique agreements and plans may be developed to cater to the specific circumstances and requirements of each conversion. In conclusion, the Washington Agreement and Plan of Conversion serve as crucial documents to guide the conversion process of a company or organization from one legal structure to another. Through its comprehensive provisions, it lays out the steps, requirements, and protections necessary for a successful conversion, facilitating a smooth transition and minimizing potential disruptions.
Washington Agreement and Plan of Conversion -
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You can convert a business entity from one form to another by filing Articles of Conversion with the Secretary of State and paying the appropriate fee. Articles of Conversion will allow you to convert a Washington LLC into a Washington corporation, or vice versa.
Single Member LLC Post Formation in Washington Step 1: Draft and Sign an LLC Operating Agreement. ... Step 2: Get a Federal Tax ID (EIN) ... Step 3: Get a Business License. ... Step 4: File the Statement of Information. ... Step 5: Open a Business Bank Account. ... Step 6 (Optional): File a Trade Name Registration.
Some states use the name domestication for the equivalent legal procedure for changing an LLC's domicile. Washington uses domestication to describe a change in a nonprofit corporation's domicile. Conversion?under Washington law?can also mean a change in an entity's business type.
Converting a Corporation to an LLC in Washington Choose a Business Name. ... Complete the WA Certificate of Formation. ... Create a Plan of Conversion. ... Draft Washington Articles of Conversion. ... Complete your Conversion Cover Sheet. ... File documents to the WA Secretary of State. ... Obtain a new EIN. ... Draft an LLC operating agreement.
What is the Washington incorporation fee? To incorporate in Washington you must pay a $180 filing fee. Online filings are charged an additional $20 processing fee. To expedite a paper filing, you must add $50.