Legal Question in Business Law in New York
I want to convert a sole proprietorship to a partnership (take in my daughter as a partner). Are there particular legal issues different than starting up a partnership from scratch?
1 Answer from Attorneys
The short answer is that you would likely need to start a partnership from scratch.
A sole proprietorship is just an alias for you (the person). It is not a legal entity and therefore cannot be converted to another legal entity.
You should pay close attention to the choice of entity you pick to have with your daughter/partner, since a partnership does not provide limited liability protection to the partners.
Roman R. Fichman, Esq.
www.TheLegalist.com
Disclaimer: This posting has been written for educational purposes only and was not meant to be legal advice and should not be construed as legal advice. You should always consult an attorney admitted to practice in your jurisdiction for specific advice.
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