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Companies, especially small businesses, can operate in a constant state of flux. As your business grows and shifts, it may require a different corporate structure. Maybe your partnership now needs to be an LLC, or your LLC needs to sell shares as a corporation. (As entrepreneurs and optimists, we don't often think about our businesses moving in the other direction.)
But if you've already incorporated, can you change your incorporation status? And if so, how?
Step one when changing your corporation status is properly assessing the pros and cons of incorporation and figuring out which business structure is best for your business. Different organizations require different legal protections, and determining which will work best for your company is essential before you can switch it up.
Some things to consider, from the U.S. Small Business Administration:
Once you've decided on which structure to change to, it's all about following the necessary steps:
If you need legal assistance with your corporate structure, an experienced business organization attorney may be able to help.