Legal Question in Business Law in New York

changing the form of a business

i recently formed an llc for an ebay business. i didn't know about the publication rules which i find to be absurd. is there an easy way to change to a sole proprietorship? do i have to dissolve the llc and then start the sole prop?


Asked on 5/07/07, 8:50 am

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: changing the form of a business

Once created, it must be dissovled.

Good Luck

RRG

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Answered on 5/07/07, 9:17 am
Gary Adelman Adelman Matz, P.C.

Re: changing the form of a business

My opinion is that you are being pennywise, but pound foolish. You didnt say what County you are from so I cannot tell how much it would cost you to publish. However, you have already spent money forming the LLC and now you are going to lose the benefits provided by the LLC. First, if you dissolve the LLC and start a sole prop. you are going to lose the corporate protections that come with an LLC. Especially on Ebay, which is the wild west, you do not want to leave your assets open like that. In addition, there are some tax advantages of the LLC, especially in NYC that over time will make up for the publishing course...you need to talk to a CPA about that, I am a lawyer not an accountant.

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Answered on 5/07/07, 9:36 am


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