Types of conversion
The merger, conversion, exchanges and domestication of business entities in the state of Nevada is governed by Chapter 92A of the 2017 Nevada Revised Statutes. Entity conversion Nevada can be categorized under three specific types.
This is a new and streamlined process of conversion available to business entities in Nevada. Statutory conversion in Nevada allows you to convert your existing business entity to a new form of business entity like LLC to corporation or vice versa. The rules for statutory conversion vary from one state to another.
The process of statutory merger to convert corp to an LLC in Nevada or vice versa is more complicated as compared to the process of statutory conversion. This method is opted for by foreign business entities where the original jurisdiction or state of entity formation does not allow statutory conversions.
This is considered to be one of the most expensive and complicated process of conversion. If you were to convert an LLC to a corporation in Nevada using this process then you will have to form a new business entity first and then transfer the assets and liabilities of your existing company into the new company.