The Pennsylvania Statement of Conversion [DSC:15-355] is a document required by the Pennsylvania Department of State Bureau of Corporations and Charitable Organizations (DSC) when an entity is converting from one type of business form to another. It is used to officially register the conversion and provide the state with details of the new business entity. There are two types of Pennsylvania Statement of Conversion: the Domestic Entity Conversion Statement and the Foreign Entity Conversion Statement. The Domestic Entity Conversion Statement is used to convert a Pennsylvania domestic entity, such as a Corporation or Limited Liability Company, from one type of entity to another. The Foreign Entity Conversion Statement is used to convert a foreign entity, such as a Corporation or Limited Liability Company, to a Pennsylvania domestic entity. Both Statements must be completed and submitted to the DSC along with the filing fee in order to officially register the conversion.
Pennsylvania Statement of Conversion [DSCB:15-355]
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FAQ
A PA is an independent legal entity which continues to exist for decades after its creation. A majority of states have strict restrictions on who can form a professional corporation and the services they can offer.
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.
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.
--A consent may provide, or a person signing a consent, whether or not then a director, may instruct in record form that the consent will be effective at a future time, including a time determined upon the happening of an event.
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.
--Unless otherwise restricted in the bylaws, any action required or permitted to be taken at a meeting of the shareholders or of a class of shareholders of a business corporation may be taken without a meeting if a consent or consents to the action in record form are signed, before, on or after the effective date of
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS.
