Posted on Sunday, 26th April 2009 by admin
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My sister and I have a business and I want to have the business on my own, is it hard to change it from partnership to sole proprietor?? What all is involved?
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My sister and I have a business and I want to have the business on my own, is it hard to change it from partnership to sole proprietor?? What all is involved?
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Tags: Business Partnership, Sole Proprietor
Posted in Small Business | Comments (3)
April 27th, 2009 at 10:19 pm
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just buy her out and get a signed written statement to that effect. that’s it.
April 28th, 2009 at 10:09 am
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I know you may want to avoid a lot of cost in doing this however it would be in your best interest to consult with a CPA or a business attorney. While you can buy her part out and then will own the entire business, there are almost certainly differences in tax laws and so on they may need to be considered. Any time that you change the legal entity status of a business you want to consider the legal and tax related ramifications. A CPA or business attorney can explain those differences to you and set you on the right coarse to make those changes legally. You will be the better for it. Good luck!
May 1st, 2009 at 8:51 pm
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As a suggestion, if you’re going to do this, consider changing to an LLC or s-Corporation. These are better protection for your assets. Check with a good local CPA.