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If an LLC is established as XYZ LLC and they would like to…

If an LLC is established...
If an LLC is established as XYZ LLC and they would like to set up a non-for profit Corporation under it. How should they proceed? If the NPLC is dissolved, what happens to the assets? Can he NPLC be changes to a for-profit later? Can a separate name be set up for a company under the LLC?
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Answered in 4 minutes by:
12/2/2017
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 59,518
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The not for profit cannot be under an LLC. It has to be separate and apart and unrelated to a for profit entity.
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Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 2 months ago
Could you please answer the later questions?
If dissolved the assets would normally pass to another notfor profit as provided when formed.
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Not for profit cannot be changed for profit or have assets go to for profit purposes.
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Each entity would have separate name.
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Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Awaiting your reply, thank you!
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Please select the 5 star (*****) rating on your page for the answer. Happy Holidays!
Infolawyer
Infolawyer, Attorney
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