Dallas Texas Agreement and Plan of Conversion -
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
Asset transfer The C corporation and its shareholders transfer assets to form an LLC. The C corporation transfers its assets (subject to liabilities) to the LLC, and the shareholders transfer cash or other assets. The C corporation then liquidates and distributes its membership interest in the LLC to the shareholders.
A Plan of Conversion is a document of terms and conditions for the conversion, dictated by state statute. This document includes organizational information such as rights and responsibilities of each member. A Plan of Conversion is a required filing alongside the other required conversion filings.
To convert your Texas corporation to a Texas LLC, you need to: prepare a plan of conversion. get both the corporation's board of directors and the corporation's stockholders to approve the plan of conversion. file a certificate of conversion including a certificate of account status with the Secretary of State.
The filing fee for converting a Texas limited liability company to a Texas general partnership is $300.
By filing the appropriate documents, it's possible to actually change your entity type from a corporation to an LLC, or visa-versa. Like changing the tax status, it takes more work than simply filing a conversion with the state. You need to make drastic changes to your formation documents.
An entity conversion is a filing that is made with the state of incorporation that allows a company to change from one business type to another.
Most founders convert from an LLC to a C-corp for two reasons: Better chance of raising venture capital money. It can be difficult to fundraise from investors as an LLC.Easier to offer employees equity. If you want to extend equity to your employees in an LLC, your options are limited.
Changing the form of your registered Texas business without dissolving it first is typically called statutory conversion or a Texas plan of conversion. A Texas plan of conversion can be a cheap and simple way to change the form of a business entity.