Upon making the decision to form a company, a person must choose which type of business formation to pursue. However, over time, a person’s wishes might change or the company may continue to grow, which could leave many owners wondering if they made the right decision. Entrepreneurs in New York might find it helpful to know that they can change the structure of their business, but they may need assistance in the process.
In many cases, a person who is starting a small business may choose to form a sole proprietorship. If two or more entrepreneurs wish to form a startup company, they may choose to incorporate as a partnership. Regardless of the initial business formation chosen, a time may come when the owner or owners feel it is necessary to make adjustments to the company, which could lead to discussions about modifying its structure.
Prior to altering the structure of a business, it may be advisable to carefully consider all the available options and their potential advantages and disadvantages. Upon deciding on a path, an entrepreneur can begin filing an article of amendment. Entrepreneurs may also find it advisable to thoroughly document all changes made to the company throughout the process.
While it is possible to alter the structure of a business, it is also a complex process. Entrepreneurs who wish to pursue similar changes could benefit from consulting with an attorney with experience in business planning and formation. An attorney can provide a client in New York with advice on each available option and assist him or her in pursuing modifications to the business through the necessary outlets.