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?
2007-07-26 01:46:20 · 3 answers · asked by LC 1 in Business & Finance ➔ Small Business
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.
2007-07-26 03:08:46 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
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!
2007-07-26 02:50:56 · answer #2 · answered by jwsou812 3 · 0⤊ 0⤋
just buy her out and get a signed written statement to that effect. that's it.
2007-07-26 01:50:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋