Texas Certificate of Conversion (Professional Association To LLC)
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How to fill out Texas Certificate Of Conversion (Professional Association To LLC)?
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FAQ
Yes, you can convert your LLC into a PLLC in Texas by filing a Certificate of Amendment to change the name and purpose of your LLC. You'll also need to update your operating agreement to reflect these changes.
The main reason for a partnership converting to an LLC is to enable the partners to avoid personal liability for the debts of the business. In a general partnership each partner has joint and several liability for the debts of the business.
All you have to do is contribute the assets of your current business to the new LLC in exchange for membership shares. Most of this is done in your operating agreement. This easy step makes converting from a general partnership or limited partnership to an LLelatively pain-free process.
Texas allows conversions from out-of-state (foreign) and domestic entities. This procedure, technically known as ?statutory conversion,? will automatically convert your current business and the business's assets and liability to the new entity.
A limited partnership may convert into a limited liability company by adopting a plan of conversion in ance with section 10.101 of the Texas Business Organizations Code (BOC) and filing a certificate of conversion with the secretary of state in ance with sections 10.154 and 10.155 of the BOC.
The owners of an LLC are called ?members.? A member can be an individual, partnership, corporation, trust, and any other legal or commercial entity. Generally, the liability of the members is limited to their investment and they may enjoy the pass-through tax treatment afforded to partners in a partnership.
In California, you can use a relatively new, simplified procedure that allows you to convert your business from a corporation to an LLC largely by filing a single document with the Secretary of State.