I am currently in a business partnership under a specific name and we would like to keep the name but change it to a sole proprietership. How long would it take and how would we go about doing that?
How to change a partnership to a sole proprietership?
Laws vary from state to state as far as keeping the name, but the partnership has to be dissolved and the assets sold to pay first the creditors then the partners. Of course you would have to involve an accountant, and the filing of paperwork could take some time.
Is there a partnership agreement in place that can guide you in the right direction as far as dissolving the partnership?
