Unit 10_LS311_Discussion
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Assume that after reviewing your presentation for the Unit 10 Assignment where you compare and contrast different types of business entities, Miguel Rodriguez and the other partners have decided to convert iHiker from a general partnership to a limited liability company (LLC). Discuss the steps that the company must take to convert from a general partnership to a limited liability company in the State of Colorado.
What fees are involved?
Who should be the registered agent?
What are the renewal requirements to maintain the business after forming a limited liability company?
Should the LLC be a member-managed LLC or a manager-managed LLC?
What formal name is required for the LLC?
In addition, discuss whether the new limited liability company should elect to be treated as a subchapter S Corporation for tax purposes and what steps are needed to take the S Corporation election.
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