A Texas Certificate of Conversion of a Limited Partnership (LP) Converting to a Real Estate Investment Trust (REIT) is a document that confirms the conversion of a limited partnership into a real estate investment trust in the state of Texas. This type of conversion is typically used by an LP that wants to benefit from the preferential tax status afforded to Rest. The Texas Certificate of Conversion is issued by the Texas Secretary of State and is required in order to legally convert a limited partnership to a REIT. There are two types of Texas Certificate of Conversion of an LP Converting to a Real Estate Investment Trust: a Statutory Conversion Certificate and a Certificate of Conversion from a Limited Partnership to a Statutory Trust. The Statutory Conversion Certificate is used when the LP is converting to a REIT under the Texas Business Organizations Code. The Certificate of Conversion from a Limited Partnership to a Statutory Trust is used when the LP is converting to a REIT under the Texas Trust Code. The Texas Certificate of Conversion of a Limited Partnership Converting to a Real Estate Investment Trust is an important document that confirms the conversion and sets forth the terms of the conversion. It is important that the terms of the conversion are clearly outlined in the certificate in order to ensure the protection of all parties involved in the conversion.
Texas Certificate of Conversion Of A LP Converting To A Real Estate Investment Trust
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How to fill out Texas Certificate Of Conversion Of A LP Converting To A Real Estate Investment Trust?
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FAQ
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.
Federal Tax Law General partnerships, LLCs and LLPs are normally taxed as partnerships under federal and state income tax laws. For this reason, the IRS allows conversions from partnerships to LLCs and LLPs without affecting the tax status of the entity.
Converting a partnership to LLC is relatively straightforward. Generally, each partner must sign the company's operating agreement and then file articles of organization with the state agency responsible for registering business organizations.
Every limited partnership in Texas needs a Texas registered agent. A registered agent is a person (or business entity) that agrees to accept legal correspondence on behalf of a business. Your registered agent must have a physical address in Texas where they can accept service of process in person during business hours.