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During this Legislative Session, legislation (H.B. 2869) was passed permitting the conversion of a domestic corporation to a domestic LLC. Previously in order for a corporation to convert to an LLC, the corporation had to be liquidated, the assets distributed to the shareholders, and the assets transferred to the newly-formed LLC. H.B. 2869 allows the entity to file papers with the Secretary of State’s Office for the conversion, but 100% shareholder approval is needed, whether or not the shareholders are entitled to vote.
Senate Bill 348 also was passed and will take effect on July 1, 2005. This Bill will significantly amend West Virginia State Code Section 12-4-14.
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