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The conversion process enables a general partnership, limited partnership, corporation, or LLC to change its legal structure while not changing property ownership, contract rights and obligations, or relationships with creditors and debtors. In general, conversions from California or foreign other business entities to a California LLC are permissible if:
The laws under which the converted business entity will exist expressly permit the formation of that entity by conversion;
The plan of conversion is approved by the requisite number of shareholders, partners, or members of the converting business entity;
No economic dilution occurs to any shareholder, partner, or member of the converting business entity; and
The requisite filings are made with the California Secretary of State and other foreign appropriate authorities, if applicable.