South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation

• Category: South Carolina Secretary of State - Benefit Corporation
• State: South Carolina
• Control #: SC-SKU-0784
• Format: PDF

Description

Conversion of A Partnership Or Limited Partnership To A Benefit Corporation South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation is a legal process by which a partnership or limited partnership in South Carolina can become a Benefit Corporation. A Benefit Corporation is a type of corporate entity that is legally obligated to consider the impact of its decisions on society, workers, the environment, and other stakeholders. It is a for-profit entity that creates and pursues a material positive impact on society and the environment. There are two types of South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation: the statutory conversion and the merger conversion. In a statutory conversion, the existing partnership or limited partnership is dissolved and its assets and liabilities are transferred to a newly formed Benefit Corporation. In a merger conversion, the existing partnership or limited partnership is absorbed into an existing Benefit Corporation, with the partnership or limited partnership's assets and liabilities being transferred to the Benefit Corporation in exchange for equity. The process of South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation involves filing a certificate of conversion with the South Carolina Secretary of State, including a statement of purpose and a corporate governance plan. The conversion must also be approved by the state's Attorney General and the Director of the Office of Regulatory Staff. After the conversion is approved, the Benefit Corporation is legally obligated to follow the rules and regulations set forth by the Benefit Corporation Act.

South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation is a legal process by which a partnership or limited partnership in South Carolina can become a Benefit Corporation. A Benefit Corporation is a type of corporate entity that is legally obligated to consider the impact of its decisions on society, workers, the environment, and other stakeholders. It is a for-profit entity that creates and pursues a material positive impact on society and the environment. There are two types of South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation: the statutory conversion and the merger conversion. In a statutory conversion, the existing partnership or limited partnership is dissolved and its assets and liabilities are transferred to a newly formed Benefit Corporation. In a merger conversion, the existing partnership or limited partnership is absorbed into an existing Benefit Corporation, with the partnership or limited partnership's assets and liabilities being transferred to the Benefit Corporation in exchange for equity. The process of South Carolina Conversion of A Partnership Or Limited Partnership To A Benefit Corporation involves filing a certificate of conversion with the South Carolina Secretary of State, including a statement of purpose and a corporate governance plan. The conversion must also be approved by the state's Attorney General and the Director of the Office of Regulatory Staff. After the conversion is approved, the Benefit Corporation is legally obligated to follow the rules and regulations set forth by the Benefit Corporation Act.