How difficult is it to change the status of your business from a general partnership to an LLC?
I have a GP business and would like to convert it over to an LLC. What are the advantages and disadvantages of doing this? Is it a difficult process?
Join us at Entrepreneur magazine's Growth Conference, Dec. 15 in Long Beach, Calif. for a day of fresh ideas, business mentoring and networking. Register here for exclusive pricing, available only for a limited time.In general, it is difficult, if not impossible to change status, but it really depends on the laws of your particular state. Your best bet would be to talk to your accountant or attorney to see the true benefits and/or tax advantages of what a change may be, and you may discover you need to reorganize under a different name under the type of entity you ultimately want to own.
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