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Converting Corporation to LLC

Asked by: Stacey - 20 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 What are the issues when converting from a corporation to a LLC?
Answered by: Ray Albert - 21 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/194.jpg-630c771619e92bede7e6f696b56767b9 Stacey,

By 'issues', I assume you are referring to possible disadvantages of converting a corporation to an LLC.

If your business is registered in a state which allows entity conversions, you will most likely have to make changes to the business name on accounts and licenses issued to the business, such as bank accounts, EIN account, as well as additional licenses and permits the company may have, as the identifier of the business name would be changed, for example, from Inc. to LLC.

Other possible 'issues' may be tax-related, as the entities have different tax-structures. It is never a bad idea to consult a professional accountant to make sure this conversion would benefit your in the long run.

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