Whether you are a small business owner, entrepreneur or corporate executive, you may be considering the conversion of your Partnership into an LLC. Among other benefits, an LLC offers personal asset protection and reduced exposure to self-employment taxes. However, the legal process of converting an LLC is complex, and consulting with an experienced attorney can help you avoid potential issues. Read more conversionteam.com

In a formless statutory conversion, the existing Partnership’s ownership interests and assets pass by operation of law into the new LLC entity. The LLC can keep the Partnership’s name or choose a new one. In the latter case, a change of name filing is typically required. A registered agent is also required, and this person or entity must be located in the state where the LLC is incorporated, and available during standard business hours to receive service of process.

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The converting Partnership should draft an operating agreement that sets forth the terms of the conversion and includes transfer provisions, management and voting rights, profit-sharing, quorum requirements, tax treatment and other important matters. The partners may also wish to enter into updated restrictive covenants and buy-sell agreements.

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