how do a change a business from a general partnership to a sole propietor?

Answer 1

Hi there,

It might sound complicated but you can surely tackle this process with cosiderable ease.

First you need to dissolve your partnership. In the partnership agreement you have terms written what you will do when you dissolve the partnership and you need to follow those terms.

Each and every partner should have been paid back their investments or give in the money they owe to the partnership.

After the partnership has been dissolved, you can then start as a sole trader. You don't need to register officially for a status of a sole trader however for tax issues you fill in the form from Inland Revenue as a person of self-employed status.

Hope this helps :)

Answer 2

I think that you can not do that, my boss once tried and he could not make any changes and what he did was opening a new company with exactly the same name and everything only changed the business type.