Corporation to LLC: New Hampshire Conversion Guide 2024

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How to Convert Corporation to LLC in New Hampshire

The decision to convert a corporation to an LLC in New Hampshire can provide numerous benefits, including improved tax flexibility, simplified management, and reduced compliance burdens. If you’re considering this strategic move, our comprehensive guide will support you through the process of starting an LLC in New Hampshire, equipping you with the knowledge to successfully convert your corporation to an LLC in New Hampshire.

At LLCBase, we aim to make the transition as smooth as possible by providing a step-by-step guide that covers legal requirements, tax implications, and necessary paperwork. Let’s explore the exciting world of corporation-to-LLC conversions in the dynamic New Hampshire business landscape!

What are a Corporation and an LLC

A corporation is a type of business structure that is a separate legal entity from its owners, known as shareholders. This legal distinction provides shareholders with limited liability protection, meaning their personal assets are not at risk in the event of the corporation’s debts or legal issues. Corporations are subject to more stringent regulations and requirements than other business structures, such as keeping detailed records, holding annual meetings, and filing separate tax returns. Corporations can also issue shares of stock to raise capital and can exist perpetually beyond the life of their owners.

On the other hand, an LLC, or Limited Liability Company, combines a corporation’s limited liability protection with the operational flexibility of a partnership or sole proprietorship. In an LLC, the business owner, known as a member, has personal liability protection, meaning their personal assets are not at risk in case of the business’s debts or legal issues. LLCs also have flexible tax options, as they can be taxed as a pass-through entity (like a sole proprietorship or partnership) or a corporation. This type of business structure is more straightforward to set up and manage than a corporation and offers legal and tax benefits for the owner.

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9 Steps to Convert From Corporation to LLC

Converting your corporation to an LLC in New Hampshire is made simple with our 9-step process. By following these steps, you’ll receive expert guidance through each conversion stage, ensuring a smooth and efficient transition for your business.

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If you decide to do it yourself, just follow the following steps of converting a corporation to an LLC below:

Step 1: Research New Hampshire LLC Conversion Laws

Before starting the process, it’s essential to understand the specific laws and regulations governing LLC conversions in your state. To gather accurate information, visit your state’s New Hampshire Secretary of State website and other government resources, such as the New Hampshire Department of Revenue Administration and New Hampshire Secretary of State. These resources will provide the necessary guidelines, requirements, and forms for converting a corporation into an LLC in New Hampshire.

As you research, you must familiarize yourself with required fees, such as the $100, which may vary depending on the state. Additionally, take note of any relevant tax rates that may apply to your new LLC, including the 7.70% income tax and 0%; New Hampshire has no sales tax sales tax. Understanding these tax rates will help you make informed decisions about your business structure and ensure that your conversion to an LLC in New Hampshire complies with all state-specific tax laws.

In some cases, additional requirements or regulations may apply to specific industries or business activities. Be sure to research industry-specific regulations and consult an attorney if you have questions about your situation.

Overall, thorough research is critical for successfully converting your corporation to an LLC in New Hampshire. By understanding the state-specific laws and requirements, you’ll be better prepared to navigate the conversion process and make the transition as seamless as possible.

Step 2: Determine the Type of Conversion

In some states, you can convert a corporation to an LLC using either statutory conversion or statutory merger. These two methods have distinct processes and requirements, so it’s crucial to research their differences and choose the best fit for your situation.

A statutory conversion is a more straightforward process wherein a corporation directly converts into an LLC. This method typically involves filing Articles of Conversion with the New Hampshire Secretary of State and paying the associated state incorporation fee. 

On the other hand, a statutory merger involves merging the existing corporation with a newly formed LLC, effectively transferring the corporation’s assets and liabilities to the LLC. This process may require additional documentation, such as a Plan of Merger or Articles of Merger, and might be subject to a separate fee.

Factors to consider when choosing between these two methods include the complexity of the process and if the three methods that are online, by mail and in-person is available in your state. Additionally, take note of the associated incorporation fee of$100 for filing online, by mail, or in person, as this may impact your decision.

If you need more clarification or are trying to decide which conversion method is best for your situation, consult a business attorney. They can help you navigate the complexities of the process and ensure that you comply with all state-specific laws and regulations for converting a corporation to an LLC in New Hampshire.

Step 3: Hold a Shareholder Meeting

Notifying all corporation shareholders about your plans to convert to an LLC in New Hampshire is crucial in the conversion process. To do this, schedule a shareholder meeting to discuss the conversion, its benefits, and potential challenges. Ensure that you provide adequate notice to all shareholders as required by your corporation’s bylaws or state regulations.

During the meeting, present your case for converting the corporation to an LLC, addressing any concerns or questions from shareholders. Depending on your corporation’s bylaws and New Hampshire regulations, you may need to obtain approval from a specific percentage of shareholders (voting threshold) to proceed with the conversion.

It’s essential to document the meeting minutes accurately, including the details of discussions, any voting results, and the resolutions approving the conversion. These records may be required when filing the Certificate of Good Standing and any necessary Certificate of Amendment documents with the New Hampshire Secretary of State. Proper documentation can also help protect the company and its shareholders in case of any future disputes or legal issues related to the conversion.

Step 4: File the Necessary Documents

Once you have determined the type of conversion and obtained shareholder approval, the next step is to file the required documents with the New Hampshire Secretary of State. Depending on the conversion method you’ve chosen, the forms you need to submit may vary:

  1. Statutory Conversion: If using this method, file the Articles of Conversion, which provide details about your corporation and the new LLC, including the name, principal address, and Registered Agent information. 
  2. Statutory Merger: In this case, you’ll need to submit a Certificate of Merger or similar document outlining the merging entities, the surviving LLC’s name and structure, and the terms and conditions of the merger.

Be sure to include all necessary information in these documents and double-check for accuracy to avoid any delays or issues during the filing process. When submitting your paperwork, pay the required fees, such as the $100.

In addition to the conversion documents, ensure you meet the state name reservation period of 120 days requirements for reserving your new LLC’s name. Depending on your state’s regulations, you may need to pay the $15 or $15 to reserve your desired name. Remember that some states may have specific naming conventions or restrictions for LLCs that you need to follow.

Step 5: Create an LLC Operating Agreement

Draft an operating agreement for your new New Hampshire LLC. This document outlines your LLC’s management structure, ownership, and operational rules. While not always legally required, having a well-drafted operating agreement is crucial for protecting your business, establishing clear guidelines, and avoiding future disputes among members.

When creating your LLC operating agreement, be sure to address the following items specific to your New Hampshire:

  • Annual report requirements: Detail the frequency and deadlines for filing an annual report in New Hampshire, if applicable. In New Hampshire, the annual report must be filed every 1 year (1st April). Clarify the information required for these reports and assign responsibility for their timely submission.
  • Annual fee obligations: Specify the $100 that your LLC must pay to maintain its good standing in New Hampshire. Outline the payment process, including relevant deadlines and the party responsible for payment.
  • Franchise tax: Your New Hampshire LLC is subject to an annual franchise tax of No franchise tax, including information about the tax rate, calculation method, filing deadlines, and payment procedures. Make it clear which member or manager is responsible for managing and submitting the franchise tax payments.
  • Franchise tax penalty: If your LLC fails to submit the annual franchise tax on time, outline the potential late filing fees and penalties that may apply. In New Hampshire, the penalty for late filing of franchise tax is in New Hampshire, there is no late filing.  Specify the procedure for addressing late payments and resolving any issues with the New Hampshire tax office.

Addressing these critical aspects in your operating agreement ensures that your New Hampshire LLC remains compliant with all state regulations and requirements, minimizing the risk of penalties or disputes among members.

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Step 6: Obtain New EIN

Apply for a new EIN from the IRS for your New Hampshire LLC. This unique nine-digit number is assigned to your business for tax, reporting purposes, and other essential functions. You can apply for an EIN online through the IRS website, which is often the fastest and most convenient method. Alternatively, you may apply via mail or fax by submitting Form SS-4, depending on your preference and the urgency of your application.

Once you have obtained your new EIN, updating all relevant tax and business documents with your new number is crucial. This includes updating the Tax Exemption Form filed with the New Hampshire Department of Revenue Administration to ensure accurate reporting and compliance with New Hampshire tax regulations. Additionally, update any other federal, state, and local tax forms or registrations that require your EIN, such as payroll tax filings, sales tax permits, and any required business licenses or permits.

Inform your bank, financial institutions, and other relevant parties of your new EIN to ensure all accounts, loans, and financial transactions are associated with your New Hampshire LLC’s correct tax identification number.

By obtaining a new EIN and updating all relevant documents and accounts, you can ensure a smooth transition of your business operations under your new New Hampshire LLC structure, maintaining compliance with all tax and reporting requirements.

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Step 7: Update Licenses and Permits

Notify all relevant federal, state, and local agencies of your business’s conversion to an LLC in New Hampshire. This includes but is not limited to, the New Hampshire Secretary of State, the  New Hampshire Employment Security, the New Hampshire Secretary of State, the New Hampshire Department of Revenue Administration, and any other regulatory bodies overseeing your industry or business activities. Informing these agencies of your new LLC structure ensures that your business remains compliant with all applicable regulations and maintains accurate records.

Update any New Hampshire licenses, permits, or registrations your business holds to reflect your new New Hampshire LLC structure and ownership. This may involve applying for new licenses or permits, transferring existing ones, or amending the information on file with the issuing agencies. Review the specific requirements and procedures for each license or permit, as these may vary between federal, state, and local levels.

In addition to updating your licenses and permits, you may need to update your information with the New Hampshire Secretary of State. This could include filing an amendment to your Certificate of Formation  or notifying the New Hampshire Secretary of State of changes to your Registered Agent or business address. Consult the New Hampshire Secretary of State website or contact their office for guidance on updating your business’s information following the conversion to an LLC.

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Step 8: Inform Creditors and Other Stakeholders

Notify all creditors, suppliers, customers, and other stakeholders of your corporation’s conversion to an New Hampshire LLC. This ensures they know the change and can update their records, contracts, and invoices accordingly. Be transparent and proactive in communicating this information to maintain trust and minimize potential disruptions to your business relationships.

Be prepared to provide these parties with any necessary documentation related to the conversion, such as your new EIN, updated operating agreement, or new licenses and permits. Providing this information on time can help facilitate a smooth transition and keep your business operations running smoothly.

Step 9: Close the Corporation

After completing the conversion process and successfully establishing your new New Hampshire LLC, you may be required to dissolve the corporation formally. Dissolving the corporation ensures that it is no longer considered a separate legal entity and releases you from any ongoing compliance obligations related to the corporation.

Follow your state’s guidelines for dissolving a corporation in New Hampshire, which can typically be found on the New Hampshire Secretary of State website or by contacting their office. The process may involve submitting a Certificate of Dissolution or similar document and any required fees.

As part of the dissolution process, you may need to file a final tax return for the corporation, settle any outstanding debts or liabilities, and distribute the remaining assets to shareholders by your corporation’s bylaws or state law. Consult with legal and financial advisors to ensure you complete all necessary steps to dissolve the corporation properly and comply with your state’s regulations.

By diligently informing all stakeholders of your corporation’s conversion to an New Hampshire LLC and formally dissolving the corporation, you can ensure a seamless transition and protect your business interests as you move forward under the new LLC structure.

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Why Change from Corporation to LLC in New Hampshire

While both entities offer limited liability protection to their owners, there are several reasons why converting to an LLC may be beneficial. Let’s explore why business owners may change from a corporation to an LLC in New Hampshire.

  • Tax Flexibility: One of the most significant advantages of an LLC over a corporation is its tax flexibility. By default, LLCs are considered pass-through entities for tax purposes, meaning that the company’s profits and losses are passed through to its members, who report them on their personal income tax returns. This avoids the double taxation faced by corporations, where profits are taxed at the corporate level and again at the individual level when dividends are distributed to shareholders. By converting to an LLC in New Hampshire, business owners can take advantage of pass-through taxation, potentially resulting in significant tax savings. Also, LLCs can be taxed as a corporation if it becomes more advantageous.
  • Simplified Management Structure: LLCs offer a more flexible and straightforward management structure than corporations. While corporations require a board of directors to oversee the company’s operations and make major decisions, LLCs can be managed directly by their members (member-managed) or appoint managers to oversee business operations (manager-managed). By converting to an LLC in New Hampshire, business owners can streamline their company’s management structure and reduce the administrative burden associated with maintaining a board of directors, holding shareholder meetings, and keeping minutes of all corporate meetings.
  • Fewer Compliance Requirements: LLCs typically have fewer compliance requirements than corporations, making them easier to maintain and manage. For example, LLCs can hold annual meetings, maintain a board of directors, or adhere to corporations’ formalities. By converting to an LLC in New Hampshire, business owners can reduce the time and resources spent on meeting various compliance requirements, allowing them to focus more on their core business operations.
  • Increased Asset Protection: LLCs may offer additional asset protection benefits in some states than corporations. For example, some states provide charging order protection for LLCs, which limits a creditor’s ability to seize a member’s ownership interest in the LLC. This can be particularly important for business owners concerned about protecting their personal assets from potential business liabilities. By converting to an LLC in New Hampshire, business owners may be able to take advantage of these additional asset protection benefits, depending on the specific regulations in New Hampshire.
  • Customizable Operating Agreement: LLCs can create a customized operating agreement that outlines the company’s management structure, ownership, and operational rules. This allows business owners to tailor the agreement to suit their specific needs and preferences instead of the more rigid bylaws required by corporations. By converting to an LLC in New Hampshire, business owners can create an operating agreement that better aligns with their business goals and desired management structure.

FAQs

What is the process for converting a corporation to an LLC in New Hampshire?
To begin the conversion process from a corporation to an LLC in New Hampshire, you need to file the appropriate forms with the New Hampshire Secretary of State.
Is a fee required to convert a corporation to an LLC in New Hampshire?
Yes, there is a fee associated with converting a corporation to an LLC in New Hampshire.
How much does it cost to convert a corporation to an LLC in New Hampshire?
As of 2021, the filing fee to convert a corporation to an LLC in New Hampshire is $100.
What forms need to be filed to convert a corporation to an LLC in New Hampshire?
You will typically need to file the Articles of Amendment to Convert to a Limited Liability Company form with the New Hampshire Secretary of State.
Are there any specific requirements for converting a corporation to an LLC in New Hampshire?
Yes, there are specific requirements for converting a corporation to an LLC in New Hampshire, including providing the name of the corporation and the name of the new LLC.
Can an existing corporation be converted to an LLC in New Hampshire if it is in good standing with the state?
Yes, an existing corporation can be converted to an LLC in New Hampshire if it is in good standing with the state.
How long does it take to complete the conversion process from a corporation to an LLC in New Hampshire?
The time it takes to complete the conversion process from a corporation to an LLC in New Hampshire can vary, but it typically takes several weeks.
Are there any tax implications for converting a corporation to an LLC in New Hampshire?
Yes, there may be tax implications for converting a corporation to an LLC in New Hampshire. It is recommended that you consult with a tax professional before proceeding with the conversion.
Does the operating agreement of the corporation need to be updated to reflect the changes after the conversion to an LLC in New Hampshire?
Yes, the operating agreement of the corporation should be updated to reflect the changes after the conversion to an LLC in New Hampshire.
Are there any liability issues to consider when converting a corporation to an LLC in New Hampshire?
Yes, liability issues should be considered when converting a corporation to an LLC in New Hampshire. It is recommended that you consult with a legal professional to review any potential liability issues.
Will the name of the corporation change after it is converted to an LLC in New Hampshire?
Yes, the name of the corporation will need to be changed to reflect the new LLC name after it is converted in New Hampshire.
Can the assets of the corporation be transferred to the new LLC after the conversion in New Hampshire?
Yes, the assets of the corporation can be transferred to the new LLC after the conversion in New Hampshire.
Can the directors and officers of the corporation resume their old positions in the new LLC?
Yes, the directors and officers of the corporation can resume their old positions in the new LLC after the conversion in New Hampshire.
Will the conversion to an LLC impact any existing contracts or agreements of the corporation in New Hampshire?
Yes, the conversion to an LLC can impact any existing contracts or agreements of the corporation in New Hampshire. It is recommended that you consult with a legal professional to review any contracts or agreements that may be impacted by the conversion.
Do any other state agencies need to be notified of the conversion to an LLC in New Hampshire?
Yes, in addition to filing the appropriate forms with the New Hampshire Secretary of State, other state agencies may need to be notified of the conversion.
Will the conversion to an LLC impact the liability protection of the business in New Hampshire?
Converting to an LLC should provide the business with the same level of limited liability protection that it had as a corporation in New Hampshire.
Is it possible to convert a corporation to an LLC without legal assistance in New Hampshire?
While it is possible to convert a corporation to an LLC without legal assistance in New Hampshire, it is highly recommended that you consult with an attorney to ensure that the conversion is completed properly.
Is there a deadline to complete the conversion process from a corporation to an LLC in New Hampshire?
No, there is not a specific deadline to complete the conversion process from a corporation to an LLC in New Hampshire.
Do any other business structures need to be notified of the conversion to an LLC in New Hampshire?
Depending on the business structure of the corporation, other entities, such as the IRS or local municipalities, may need to be notified of the conversion to an LLC in New Hampshire.
Is it possible to reverse the conversion back to a corporation after it has been completed in New Hampshire?
It is possible to reverse the conversion back to a corporation after it has been completed in New Hampshire, but it is a complex process and may not be feasible in every situation.
Can the conversion to an LLC be completed online in New Hampshire?
Yes, the conversion to an LLC in New Hampshire can be completed online through the New Hampshire Secretary of State’s website.
Will converting to an LLC impact the business’s Employer Identification Number (EIN) in New Hampshire?
Generally, converting to an LLC should not impact the business’s EIN in New Hampshire, but you should consult with a tax professional to confirm this.
Do any state regulations need to be followed when converting a corporation to an LLC in New Hampshire?
Yes, New Hampshire state regulations regarding corporations and LLCs must be followed when converting a corporation to an LLC.
What is the difference between a corporation and an LLC in New Hampshire?
While both corporations and LLCs provide limited liability protection for the owners, they have different structures and tax implications in New Hampshire.
Is an operating agreement required for an LLC that was originally a corporation in New Hampshire?
Yes, an operating agreement is required for an LLC that was originally a corporation in New Hampshire.
Can the owners of the corporation maintain the same ownership percentage in the new LLC in New Hampshire?
Yes, the owners of the corporation can generally maintain the same ownership percentage in the new LLC in New Hampshire.
Can a foreign corporation convert to an LLC in New Hampshire?
Yes, a foreign corporation can convert to an LLC in New Hampshire, but there may be additional requirements that need to be met.
Is there a waiting period required after the corporation is dissolved before beginning the conversion process to an LLC in New Hampshire?
There is not a specific waiting period required after the corporation is dissolved before beginning the conversion process to an LLC in New Hampshire.
What are the benefits of converting a corporation to an LLC in New Hampshire?
Some benefits of converting a corporation to an LLC in New Hampshire include increased flexibility, simplified management and tax reduction options.
Does New Hampshire allow for the conversion of a corporation to an LLC?
Yes, New Hampshire allows for the conversion of a corporation to an LLC.
What other legal document(s) must be filed besides the articles of organization?
Other legal document(s) that must be filed besides the articles of organization may include a certificate of change, certificate of approval from the corporation’s board of directors and a tax certificate.
Is an operating agreement required when converting a corporation to an LLC in New Hampshire?
An operating agreement is not required when converting a corporation to an LLC in New Hampshire, but it is highly recommended.
How should the corporation’s assets and liabilities be handled during the conversion process?
The corporation’s assets and liabilities should be transferred to the LLC in exchange for membership interests or cash, depending on the terms of the conversion.
Are there specific filing fees for converting a corporation to an LLC in New Hampshire?
Yes, there are specific filing fees for converting a corporation to an LLC in New Hampshire. The fees vary depending on the type of conversion.
Can all corporations be converted to an LLC in New Hampshire?
Not all corporations can be converted to an LLC in New Hampshire. Certain types of corporations, such as insurance companies, cannot be converted.
What is the process for obtaining approval from the corporation’s board of directors for the conversion?
The process for obtaining approval from the corporation’s board of directors for the conversion may involve holding a meeting and obtaining a vote or obtaining written consent from directors.
Can a New Hampshire LLC have only one member?
Yes, a New Hampshire LLC can have only one member.
Is it required to seek legal counsel when converting a corporation to an LLC in New Hampshire?
It is not required to seek legal counsel when converting a corporation to an LLC in New Hampshire, but it is recommended to ensure the conversion is completed properly.
Can the name of the corporation be retained when converting to an LLC in New Hampshire?
The name of the corporation can potentially be retained when converting to an LLC in New Hampshire, but it will be subject to availability and other requirements.
Can a corporation convert to a single-member LLC in New Hampshire?
Yes, a corporation can convert to a single-member LLC in New Hampshire with proper filing and approval procedures.
Are there any specific rules regarding foreign corporation conversions to LLCs in New Hampshire?
Yes, there are specific rules and requirements for foreign corporations converting to LLCs in New Hampshire. It’s important to consult with a legal professional to understand these requirements.
What is the role of the Secretary of State in the conversion process?
The Secretary of State is responsible for reviewing and approving the articles of organization and any other required legal documents in the conversion process.
Will converting a corporation to an LLC affect any existing contracts or leases?
Converting a corporation to an LLC may affect existing contracts or leases and should be reviewed with legal counsel to ensure compliance.
What is the process for carrying over existing licenses and permits during the conversion process?
The process for carrying over existing licenses and permits during the conversion process may vary depending on the type of license or permit involved, and should be reviewed with legal counsel.
Does New Hampshire require publication requirements for LLC conversions?
No, New Hampshire does not have publication requirements for LLC conversions.
Can a corporation convert to a nonprofit LLC in New Hampshire?
Yes, a corporation can convert to a nonprofit LLC in New Hampshire, but it must comply with specific state regulations and be approved by the Attorney General’s office.
Is it possible to convert a dissolved corporation to an LLC in New Hampshire?
No, it is not possible to convert a dissolved corporation to an LLC in New Hampshire.
Can a corporation convert to a sole proprietorship LLC in New Hampshire?
Yes, a corporation can convert to a sole proprietorship LLC in New Hampshire, but it must comply with specific state regulations and be approved by the Attorney General’s office.
Are there any specific operating agreement clauses that must be included in the LLC conversion paperwork?
There are no specific operating agreement clauses that must be included in the LLC conversion paperwork, but it’s important to have a comprehensive agreement that reflects the terms of the conversion.
Will converting a corporation to an LLC affect the ownership of the business?
Converting a corporation to an LLC may affect the ownership of the business, so it’s important to review the terms of the conversion with legal counsel.
Are there any limitations on who can manage a New Hampshire LLC?
There are no specific limitations on who can manage a New Hampshire LLC, but each LLC can set its own management structure in its operating agreement.
What happens to the corporation’s existing EIN number during the conversion to an LLC?
The corporation’s existing EIN number can potentially be used by the LLC, but it depends on the specific circumstances of the conversion.
What is the timeline for submitting conversion paperwork and other required documentation to the Secretary of State?
The timeline for submitting conversion paperwork and other required documentation to the Secretary of State may vary depending on the complexity of the conversion, but it generally takes a few weeks to receive approval from the Secretary of State.

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Conclusion

Converting a corporation to an LLC in New Hampshire can offer numerous advantages, including tax flexibility, simplified management, and reduced compliance requirements. By following the steps outlined in this article, you can successfully navigate the conversion process and unlock the full potential of your new New Hampshire LLC. To learn more about LLC formation, compliance, and other essential business topics, visit LLCBase and explore our resources to help you build a thriving and compliant business. Don’t miss out on the benefits of an New Hampshire LLC – take the first step in your business transformation journey today!

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