Converting Sole Proprietorship to LLC
Asked by: steve - 20 September, 2011
I have a used car dealership in Florida and it is a sole proprietorship I would like to turn it into an LLC. Do I have to close the business to do this?
I have a used car dealership in Florida and it is a sole proprietorship I would like to turn it into an LLC. Do I have to close the business to do this?
Answered by: Robert Kowalski - 21 September, 2011
Dear Steve,
You don't need to close your actual business, all you need to do is form an LLC in Florida and then transfer all the business assets officially from your sole proprietorship to this LLC.
You might need legal help to do that (I'm not sure what titles if any are involved in your business), and you should have all the contracts (such as lease) rewritten to replace your sole proprietorship with the new LLC.
Dear Steve,
You don't need to close your actual business, all you need to do is form an LLC in Florida and then transfer all the business assets officially from your sole proprietorship to this LLC.
You might need legal help to do that (I'm not sure what titles if any are involved in your business), and you should have all the contracts (such as lease) rewritten to replace your sole proprietorship with the new LLC.
