Statutory conversions are permitted in some states in the United States of America, including Georgia. A statutory conversion is the procedure for changing a commercial entity’s legal form without dissolving the previous entity and establishing a new one. Companies including corporations, limited liability companies, and partnerships are able to change their legal structure in Georgia.
The business entity must submit a conversion plan to the Georgia Secretary of State in order to carry out a statutory conversion in Georgia. The conversion terms and conditions, including the name, structure, and ownership of the new business, must be included in the conversion plan. The board of directors or the shareholders of the original organization must also approve the conversion plan.
A registered agent in Georgia is a person or organization chosen to accept vital papers and correspondence on behalf of a business company. In order to receive legal documents, a registered agent must have a physical address in Georgia and be accessible during regular business hours.
Although it is possible, it is not always a good idea to act as your own registered agent in Georgia. Being your own registered agent can take time, and if you are unavailable during typical business hours, it might not be practicable. It might be uncomfortable and unprofessional if you are sued or receive other legal documents and they are served to you in front of customers or other staff. What Does “Organizer” Mean in an LLC? An organizer is a person or entity in Georgia who is in charge of creating a limited liability corporation (LLC). The organizer is in charge of forming the LLC legally and submitting the articles of organization to the Georgia Secretary of State.
What Restrictions Apply to Articles of Association Alteration?
Articles of Association must be filed with the Georgia Secretary of State in order for business entities like corporations and LLCs to operate in Georgia. The name, purpose, and ownership structure of the corporate entity are all detailed in the articles of association.
The articles of association can be altered, however there are restrictions on what can be changed. For instance, the business entity’s name cannot be changed to one that is currently in use in Georgia by another business entity. Additionally, all members or shareholders may need to agree before making some modifications to the ownership structure of the business entity.
Businesses must get an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) in order to operate in Georgia. For tax and other purposes, the EIN, a special nine-digit number, is used to identify the firm.
Contact the IRS if you need to change any of the details associated with your EIN, such as the company name or address. The modifications you are requesting must be supported by documentation. Additionally, if the company name is changing, you must submit a fresh Form SS-4 to the IRS in order to get a new EIN.
Yes, regardless of whether the LLC had any revenue or activity throughout the year, all LLCs in Georgia are obliged to file an annual tax return, according to the Georgia Department of Revenue. LLCs with no revenue or activity, however, might be allowed to submit a zero return. For detailed advice on the tax obligations for your LLC, speak with a tax expert or the Georgia Department of Revenue.
You must submit Form 8832, Entity Classification Election, with the IRS in order to go from being a sole proprietor to an LLC and select the corporation entity classification. If you want your LLC to be recognized as a S corporation for tax reasons, you must additionally file Form 2553, Election by a Small Business Corporation. You should also be sure to follow the procedures outlined in your state’s criteria for creating an LLC.