4 ms·
>a very experienced lawyer found a loophole to convert my company into a PA C Corp. This is a pretty standard business transaction called a conversion. As you
by will_brown 10y ago
>a very experienced lawyer found a loophole to convert my company into a PA C Corp.
This is a pretty standard business transaction called a conversion. As you found with dissolution of your PA LLC taking unexpectedly long, these transactions/processing times vary by not just transaction type but of course State too.
After conversion from PA LLC to PA C-Corp, did you end up Domesticating it to DE, because from the sound of it they wouldn't want to invest in any thing but? Some States are so backwards about processing times you might have been able to dissolve the PA C-Corp much faster than the LLC, but that is a little rarer.
Glad it worked out for you and to see a positive HN post about lawyers vs DIY.
- jayjay71 10y agoThis was a while ago so I don't remember the specifics, but the reason the conversion was special is the lawyer was able to do it in a few days instead of several months. These issues are specific to Pennsylvania, which has really awful corporate law. Supposedly all of these things are trivial for other states, but I'm just speaking from personal experience (and of course I mostly listened to what the lawyers told me, but I have every reason to believe they were extremely good at what they do).
- akg_67 10y agoVery interesting that no one suggested to form a new C-Corp that acquires assets of your PA LLC. Like any other profession, lawyers come in different colors. A lawyer experienced in issues of closely held businesses would have made it easier.