Converting your Business to a Different Entity

There are many factors to consider when choosing a business form, including liability exposure and tax treatment. As your business grows and develops, it may be advisable to change your business form. You can convert from a corporation to a limited liability company (LLC), an LLC to a corporation or a partnership to an LLC if you comply with applicable state requirements. Before converting your business form, make sure that the new structure suits your business needs and is advantageous to your growth.

Partnership to LLC. A partnership that converts to an LLC gains a significant advantage: it acquires limited liability protection for the debts and obligations of the business. In contrast, in a partnership, the partners are individually and personally responsible for the debts incurred by the partnership. In California, conversion to an LLC is accomplished through a simple conversion form (Form LLC-1A) that requests basic information. However, a business that provides professional services, such as a medical, legal, or veterinary practice, cannot operate as an LLC.

Corporation to an LLC. The conversion of a business from a corporation to an LLC can be achieved through a streamlined process known as statutory conversion. This procedure requires the business owner to file a document with the Secretary of State that converts the corporation. This action simultaneously transfers the assets and liabilities into the LLC. It eliminates the need both to create a separate LLC structure and terminate the corporate entity. In order to effect the conversion, the corporation must develop a conversion plan, which contains specific information. Once the business owner obtains approval from the board of directors, he can file California Form LLC-1A with the Secretary of State.

LLC to a corporation. Statutory conversion in California authorizes a business to convert from an LLC to a stock corporation by adopting a plan of conversion and filing Articles of Incorporation. This process eliminates the need to create independent agreements assigning assets and liabilities to the corporation and transferring LLC interests to stock. The business must file a certificate of conversion and an LLC certificate of formation with the Secretary of State. These filings effectively designate LLC members as corporate stockholders and terminate the LLC.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Converting your Business to a Different Entity

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