Washington state continues its effort to be one of the more corporate-friendly states by passing a bill that streamlines the process of converting one business entity to another. Senate Bill 5999, which was signed into law by Governor Inslee on March 27, 2014, amends Washington’s Limited Liability Company Act and the Business Corporation Act to allow conversions of Washington LLCs, corporations, and limited partnerships. What’s more is that the bill also allows entites formed in another state (“foreign entities”) to convert into Washington LLCs and corporations.
The bill is set to be incorporated in the Revised Code of Washington in early July 2014. Stay tuned for the updated RCWs!
Why Would You Convert Your Business Entity?
Depending on your type of business and…