§ 1150 Business Entity Conversion Definitions

This law explains special words used when a company changes its type, like turning from one kind of business into another.

Key Takeaways

•This law is just about explaining words, not about rules or punishments.
•It helps people understand what to call a company before and after it changes its type.
•The words are only used in this part of the law.

Example

A small bakery that was a simple shop decides to become a big company with many owners.

The law calls the bakery before the change a 'converting entity' and the new big company a 'converted corporation'.

For purposes of this chapter, the following definitions shall apply: (a) “Converted corporation” means a corporation that results from a conversion of a domestic other business entity, foreign other business entity, or foreign corporation pursuant to Section 1157. (b) “Converted entity” means a domestic other business entity, foreign other business entity, or foreign corporation that results from a conversion of a corporation under this chapter. (c) “Converting corporation” means a corporation that converts into a domestic other business entity, foreign other business entity, or foreign corporation pursuant to this chapter. (d) “Converting entity” means a domestic other business entity, foreign other business entity, or foreign corporation that converts into a corporation pursuant to Section 1157. (e) “Domestic other business entity” has the meaning provided in Section 167.7. (f) “Foreign corporation” has the meaning provided in Section 171. (g) “Foreign other business entity” has the meaning provided in Section 171.07. (h) “Other business entity” has the meaning provided in Section 174.5. (Amended by Stats. 2022, Ch. 237, Sec. 1. (SB 49) Effective January 1, 2023.)

This law explains special words used when a company changes its type, like turning from one kind of business into another.

Key Takeaways

•This law is just about explaining words, not about rules or punishments.
•It helps people understand what to call a company before and after it changes its type.
•The words are only used in this part of the law.

Example

A small bakery that was a simple shop decides to become a big company with many owners.

The law calls the bakery before the change a 'converting entity' and the new big company a 'converted corporation'.

Key Takeaways

Example

Key Terms

References

§ 1150 Business Entity Conversion Definitions

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References