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Sole Proprietorship Vs. LLC

Asked by: Cheryl Dearborne  — 29 May, 2012

Can you change from a sole proprietorship to an LLC later?

Answered by: admin  — 29 May, 2012

Dear Cheryl,

If you run your business as a sole proprietorship and at some point in the future decide to use LLC as the business vehicle you would be able to form one, and then transfer all the assets to be owned by that LLC.

All your business affairs from that moment on would need to be done under the name of your LLC, a new bank account would need to be opened and a new EIN would need to be obtained for this new entity.

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