Corporations: conversions: foreign corporation or foreign other business entity.

Existing law establishes procedures for the conversion of corporations into a domestic other business entity, including, but not limited to, a limited liability company or a partnership. Under existing law, a converting corporation is required to file specified documents with the Secretary of State. Existing law authorizes the Secretary of State to charge an entity a $150 fee for its conversion that is paid into the Secretary of State's Business Fees Fund. This bill would additionally allow for the conversion of a corporation into a foreign corporation or foreign other business entity, as specified, and would require the converting corporation to file a certificate of conversion with the Secretary of State. The bill would make the Secretary of State the agent for service of process in an action or proceeding against a corporation that has converted to a foreign corporation or foreign other business entity in specified instances. The bill would make other conforming and nonsubstantive changes.