Questions about business restructuring.
by Maika, Performer
- Created: June 14, 2009, 8:55 pm
Hi, A few years ago we opened a general partnership making toys and clothes with some friends of ours. Due to the recession they need to leave the business and they want us to change the name. In the interest of good will we agreed.
It is a very small business with low cash flow and I'm trying to figure out the best and least expensive way to make these changes. We do business in California. Because they are leaving they are taking half our cash, so it leaves us cash poor.
Of course I am having trouble figuring out what to do when it comes to our business name.
1)Should we just abandon our name?
2)Or can we do a partnership withdrawl form for our friends and wait for the name to expire? It looks like the name expires after 40 days if the partnership withdrawl form is not published.
3)What happens when a business name expires?
4)Then we could just add another business name and publish it?
5)Is is possible to publish multiple changes in one publishing?
6) Is there anything I need to do to address the change in business type from general partnership to sole proprietorship?
It looks like we could be out like $160 if we have to file and publish the abandonment form, partnership withdrawl form and new dba form.
I hope that all makes sense.
Then I have to file new forms at the BOE, aquire a new EIN, and change our business liscense as well.
The forms for the BOE are straight forward, thank goodness.
I think the tax changes are fairly simple as well.
Is there anything I'm missing?
I know that is a lot for my first post. :) If anyone can take on some or all of these questions I'd be so grateful!
Thanks in advance,
- Community Home
- Discussion Boards
- Tell Us...
- Discuss Popular Topics
- Developer Resources
- Social Media