The Pennsylvania Statement of Conversion [DSC:15-355] is an official document that records the legal conversion of a business entity from one type to another. It is a document filed with the Pennsylvania Department of State, Bureau of Corporations and Charitable Organizations. There are two types of Pennsylvania Statement of Conversion [DSC:15-355]: the domestic and the foreign statement of conversion. The domestic statement of conversion is used to convert a Pennsylvania domestic business entity into a different type of Pennsylvania domestic business entity. The foreign statement of conversion is used to convert a foreign business entity into a Pennsylvania domestic business entity. The statement of conversion must include the name of the converting business entity, the type of business entity prior to the conversion, the type of business entity after the conversion, the date of the conversion, the name of the registered agent, and the signature of an authorized person.
Pennsylvania Statement of Conversion [DSCB:15-355]
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Statutes of limitations applicable to actions for conversion are defined by legislative jurisdiction. For example, pursuant to New York law, a claim for conversion/trespass to chattels is subject to a three-year statute of limitations, whereas in Pennsylvania and Kansas it is two years.
Pennsylvania law defines conversion as ?the deprivation of another's right of property in, or use or possession of, a chattel, without the owner's consent and without lawful justification.? Paves v. Corson, 765 A.
Your best option for easily transferring LLC ownership is to write an Operating Agreement (OA) with transfer provisions for LLC owners. An Operating Agreement (OA) is a document with customized provisions dictating how an LLC conducts business. Your OA can determine how to transfer ownership of an LLC in Pennsylvania.
PENNSYLVANIA'S NEW ENTITY TRANSACTION LAW MAKES IT EASIER TO CONVERT A LLC TO A CORPORATION. On July 1, 2015, Pennsylvania's new Entity Transaction Law went into effect and made it easier, faster, and cheaper for business entities to engage in ?fundamental transactions? with another business entity.
In Pennsylvania, converting a General Partnership to an LLC requires filing a Statement of Conversion (Form DSCB: 15-355) with the Pennsylvania Department of State. A Docketing Statement must also accompany this form.
You can file your Certificate of Organization online, by mail, or in person. If you apply online, you will need to pay a $125 fee and can expect your Certificate to be approved within seven to ten business days. Mail filings also will take seven to ten days to process, and require the same $125 fee.
A Statement of Conversion must be filed with the Pennsylvania Department of State where: (1) a domestic entity becomes a domestic entity of a different type or a domestic banking institution. (2) a domestic banking institution becomes a domestic association of a different type.
However, if you're seeking to convert your LLC's tax status from partnership to corporation without changing the LLC's legal form, you only need to file IRS Form 8832 (to be taxed as a C Corporation) or IRS Form 2553 (to be taxed as an S corporation).