Opinions expressed by Entrepreneur contributors are their own.
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.
More from Entrepreneur
Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.