I am planning to convert my Delaware-based LLC into a C-corp as requested by investors.
What happens legally when you do this conversion - does the same company change status from an LLC to a C-corp or is the LLC dissolved and sells all its assets to a new company?
If it's the latter, then are the founders selling their shares in the LLC and buying in the C-corp? If so, what happens to vesting schedules, 83(b) elections and so forth?
Thanks in advance.