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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?
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.
Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.
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