Convert corporation into an LLC or otherway around in IL

 
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Posted On : 2nd Aug 2018

What is statement of conversion Illinois?

 

The state of conversion is filed with the state of Illinois to change an existing company structure such as a limited liability company to a corporation or vice versa.
 
Generally, the stockholders' of the corporation, members of the limited liability company and the investors to acquire the tax benefits or by-pass the restrictions under the existing business entity.
 

What is the process and the estimated time to convert a company structure to another?

 

  • The statement of conversion is filed with the Illinois secretary of states, according to the entity structure such as to convert into a limited liability company.

  • State of Illinois provides a privilege to convert profit corporations, limited liability companies, general partnership and limited partnership, limited liability partnership into a different entity type.

  • There is no dissolution is applicable after the conversion from one business entity type to another.

  • A new new employer identification number is obtained after the conversion because the existing EIN can not be used.

  • An estimated time to convert from one business type to another in the state of Illinois is two weeks.

  • The Illinois state filing fee is $275.00 for an LLC and $250.00 for a corporation.

  • A final return is filed of the existing entity with the state of Illinois and the Internal Revenue Service.

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