Form 637 UT 2022-2025

Form 637 UT: What You Should Know

A) A person may apply for registration with the Commissioner of the Internal Revenue Service (IRS) with respect to any partnership, limited liability company (LLC), or corporation if: (1) the partnership, LLC, or C corp. is an active participant in the trade or business of the converting entity; and (2) the person has, without the prior written consent of the partnership, LLC, or C corp., held, directly or indirectly, an active position in the business for 2 of the 5 calendar years immediately preceding (4) which began (i) when the partnership, LLC, or C corp. held such an active position in the business and ended (ii) when the person ceased to hold such an active position in the business; or (3) (i) the person is a natural person who is related to the converting entity but whose capitalization interest in, and interests in, the partnership, LLC, or C corp. have not increased since the close of the partnership or LLC's or C corp.'s existence. (b) In the case of an entity, the following persons are not required to apply for registration with the SEC before filing Form 637: (1) a natural person who is related to the converting entity but does not have an active place of capital (other than an equity interest therein); (2) an entity with which the converting entity is not related; and (3) an entity with which the converting entity has a direct, beneficial, and nonaffiliate interest, or an interest of any other person. However, a person referred to in paragraph (b) need not file Form 637 if the entity referred to in paragraph (b) is a natural person. (d) In the case of a partnership, LLC, or C corp., no person who is not a partner or C corp. may be a party to any transaction in which any person referred to in paragraph (b) is also a participant or beneficiary except that parties to a transaction between a partner and such partner's spouse (who is not a partner) and between a partner and a C corp. may be deemed to be participant partners for purposes of paragraph (d). (e) For purposes of this section, any person shall be deemed to be a partner if such person has a (1) capital interest in the partnership, LLC, or C corp.

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