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My partners and I entered into a partnership and now wish to reorganize as a limited liability vehicle. Is this process complicated?
No, such a reorganization typically is effected through a merger of your partnership into a newly-formed corporation or limited liability company. Several states, such as Delaware, have adopted conversion statutes, which permit the conversion of partnerships into LLCs and which may make the process easier, i.e., by eliminating the need to obtain certain third-party consents. Prior to effecting any reorganization, consult your attorney. The implications of reorganization are significant, particularly with respect to tax matters.
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