Alphabet Inc. is forming a new holding company designed as part of a reorganization plan and the finalization of its evolution from Google into a corporate parent with distinct arms that reach fields like health care and self-driving cars.

The new entity, called XXVI Holdings Inc., will own the equity of each Alphabet company, including Google. The new structure legally separates Google from other units such as Waymo, its self-driving car business, and Verily, a medical device and health data firm.

Google co-founder Larry Page announced Alphabet two years ago to foster new businesses that operate independently from Google. Technically, however, those units, called the "Other Bets," were still subsidiaries of Google. The new structure, unveiled Friday, lets the Other Bets become subsidiaries of Alphabet on the same legal footing as Google.

Google is also changing from a corporation to a limited liability company, or LLC. The switch is partly related to Google's transformation from a listed public company into a business owned by a holding company.

"We're updating our corporate structure to implement the changes we announced with the creation of Alphabet in 2015," Alphabet said, adding that the " legal formality won't affect ultimate shareholder control, operations, management or personnel."