What You Need to Know About Merging your Business
Business is all about being innovative and looking for ways to become more profitable. One such way is through mergers. But do you know what it entails to merge your business in Utah?
There are a number of things that need to be fulfilled by mergers before they are recognized by the state business laws. It would be appropriate to talk to Provo lawyers to understand more about mergers and corporations in Utah.
The merger must contain the following:
1. Filling of the articles of corporation
This process usually takes approximately two weeks to complete if you are using paperwork. But it can take as little as one or two days via online or fax. The article of incorporation must contain the following elements:
- Name of the new LLC
- Number and value of shares
- Name and address of the registered/non-registered agent
- Name and address of all incorporators/directors
2. Hold a meeting
The meeting will be for the appointment of officers, discussing the daily operations of the business, and formulating bylaws.
3. The name of the corporation must have one or more of the following terms: Corp., Inc., Co., Corporation, Incorporated, or Company. The business name can’t be in terms such as “College” “Institute” or University”.
Below are the requirements needed to be fulfilled when forming a corporation:
- Name of the existing entity
- Name of all the businesses planning to merge
- Terms and conditions of the merger
- Amendments of the articles of incorporation
- Any other terms of the merger
You should always seek the guidance of Provo attorneys when entering into a merger. A lawyer will help you in understanding various elements of the merger and how they will affect your current business.
Board actions
The board of directors of every corporation merger has to accept the move to merge. In case the shareholder approval is also needed, the board has to present the proposal to merge the businesses to the shareholders for their approval. In most cases, a business litigation attorney Provo must be involved during the merger process.
Converting a corporation into an LLC in Utah
The process of converting a corporation into a limited liability company (LLC) varies from one situation to another. Since the process in somehow tedious and complicated, it would be good to hire a Provo business litigation attorney to assist you.
Utah conversion law
In case you have a corporation and would like to convert it into an LLC, the Utah merger laws are relatively simple. All you will be required is to fill several documents from the Department of Commerce.
This process is also known as a statutory conversion and you can also do it with the help of a Provo business lawyer. The process technically transfers all your corporation’s liabilities and assets into the new LLC. This is different from other entities that involve more than one entity.
To be able to convert your corporation into an LLC, two things will be required:
- Ensure that your corporation approves the conversion
- File the articles of incorporation as well as articles of conversion with the Department of Commerce
The articles of incorporation for the new LLC comprises the following information:
- Name of the new LLC
- Purpose
- Number of shares authorized to issue
- Name, address, and signature of the incorporator
- The name and address of the registered agent
Importance of having a Provo business attorney
Merger laws are sometimes difficult to understand. It might cost you a lot in terms of time and money if you decide to do it on your own. But with a lawyer from Howard Lewis & Petersen, your merger will be complete within the shortest time possible.
