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LLC mergers They include to acquire or sell a business, to reorganize its operations, to change to a different entity type, or to change its state of organization. An LLC may merge with or into another domestic or foreign LLC. This is known as a ?like-entity? or ?same-entity? merger.
Delaware law provides that the affirmative vote of a majority of the outstanding shares of common stock is generally required to merge with a Delaware company (DGCL, § 251).
The effective date of the merger; which must include the month, day and year. The date must be listed as either the date the document is received by the Division or a future date that is within 90 days of the file date.
In general, appraisal rights (a/k/a dissenters' rights) under the DGCL grant a stockholder the right to an appraisal by the Delaware Court of Chancery of the fair value of the stockholder's shares of stock upon the occurrence of a merger or other similar transaction, subject to certain provisions.
A person who is the owner of 20% or more of the outstanding voting stock of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary; Notwithstanding the foregoing, a presumption ...
Also known as articles of merger. A certificate evidencing the merger of two or more entities into one entity.
Short-form merger The short form is a type of ?friendly? merger that can be used to combine two LLCs in Delaware. The state of Delaware also approved the consolidation of a Delaware non-corporate entity as the parent and a subsidiary in which the parent accounts for a minimum of 90% outstanding shares per stock class.
A Delaware LLC merger happens when business agreements combine multiple entities into one sole entity. The LLC series isn't considered a separate entity ing to Delaware state laws.