Frequently Asked Questions and Tax Information

Lazard, Inc. which was previously a publicly traded partnership, converted to a U.S. C-Corporation effective January 1, 2024. Following the conversion, Lazard changed its name from Lazard Ltd to Lazard, Inc.

Among other reasons, Lazard converted to a U.S. C-Corporation to provide our shareholders with simplified tax reporting by eliminating the Schedule K-1 and K-3 reporting, and because it may broaden the eligible universe of investors for our stock, and enhance trading and liquidity, which would potentially lead to a more attractive stock currency.  Please refer to our Final Prospectus, filed with the Securities and Exchange Commission on November 29, 2023, in the section entitled “The Domestication” for a more complete description.

Beginning in 2024, Lazard became subject to U.S. tax as a C-Corporation and will no longer be taxed as a partnership. Shareholders will receive a final IRS Form K-1 in March 2024 for dividends received in the year 2023. Future dividend payments will be reported on Form 1099-DIV. Lazard will no longer need to issue qualified notices each quarter.

No. It is not necessary for shareholders of Lazard to exchange their existing share certificates for new certificates of Lazard, Inc.  Each certificate evidencing Class A common shares of Lazard Ltd immediately prior to the conversion will be deemed to evidence an identical number of shares of common stock of Lazard, Inc.

Holders of uncertificated Class A common shares of Lazard Ltd immediately prior to the conversion will continue as holders of uncertificated common stock of Lazard, Inc. immediately after the conversion.

Fractional shares converted in the same way as whole shares as part of the conversion. 
Class A common shares, including fractions of Class A common shares, of Lazard Ltd issued and outstanding immediately prior to the conversion automatically converted into an equivalent number of shares of common stock of Lazard, Inc.

No, shareholders are required to calculate their individual basis in the stock. Information on buying and selling the stock can be provided by the broker or bank through which the shares were purchased.

After the conversion, you should have a long-term holding period in the Lazard Inc. stock you receive, which would reflect Lazard Ltd’s holding period in the assets it is treated as contributing to Lazard, Inc., which consisted of only assets that Lazard held for more than one-year.

Unless an exception is available, public shareholders will be subject to a 30% withholding tax on dividends, subject to reduction by a tax treaty.

Our dividends will generally be treated as “qualified dividends” to the extent such dividends are paid out of Lazard’s current or accumulated earnings and profits, as determined for U.S. federal income tax purposes, and any excess dividends treated as return of capital to the extent of the shareholder’s basis in our stock.  Our conversion does not have an impact to our common dividend which is subject to approval each quarter by our Board of Directors.

No material financial or tax implications are expected from the state law conversion. Following the conversion, Lazard will be treated as a U.S. corporation for U.S. federal and state income tax purposes. As a result, distributions made to shareholders after January 1, 2024 will be reported as dividends on Form 1099-DIV.  For a description of the material U.S. federal income tax consequences of the conversion and ownership of our shares following the conversion, please refer to our Final Prospectus, filed with the Securities and Exchange Commission on November 29, 2023, in the section entitled “Material U.S. Federal Income Tax Consequences of the Domestication”.