Lazard converts to a U.S. corporation from a limited partnership

Lazard
LAZ,
+0.98%
said Tuesday it has officially changed its full formal name to Lazard Inc. from Lazard Ltd. as part of its conversion to a U.S. C-Corp. under Delaware law from a limited partnership. Starting in 2024, distributions will be paid as dividends for U.S. tax purposes with shareholders receiving 1099 income statements rather than K-1 partnership income statements. Lazard Chief Executive Peter R. Orszag said the new structure “will expand our shareholder base by simplifying tax reporting and enhancing trading liquidity.” Lazard’s stock rose by 0.4% in 2023, compared to a 24.2% rise by the S&P 500
SPX,
+0.08%.