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Convert corporation into an LLC or otherway around in IL

 
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Category : > Articles of Conversion To Change Entity Type
Posted On : Thu Aug 02nd,2018

 
Learn here how to convert an existing legal business entity structure of a corporation, llc and others which are registered with the Illinois secretary of state to another.
 

What is statement of conversion Illinois?

 

The state of conversion is filed with the state of Illinois to change an existing company structure such as a limited liability company to a corporation or vice versa.
 
Generally, the stockholders' of the corporation, members of the limited liability company and the investors to acquire the tax benefits or by-pass the restrictions under the existing business entity.
 

What is the process and the estimated time to convert a company structure to another?

 

  • The statement of conversion is filed with the Illinois secretary of states, according to the entity structure such as to convert into a limited liability company.

  • State of Illinois provides a privilege to convert profit corporations, limited liability companies, general partnership and limited partnership, limited liability partnership into a different entity type.

  • There is no dissolution is applicable after the conversion from one business entity type to another.

  • A new new employer identification number is obtained after the conversion because the existing EIN can not be used.

  • An estimated time to convert from one business type to another in the state of Illinois is two weeks.

  • The Illinois state filing fee is $275.00 for an LLC and $250.00 for a corporation.

  • A final return is filed of the existing entity with the state of Illinois and the Internal Revenue Service.

  

Nashib Umer

Author of One Magic Click Optimization


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