Posted by Jimmy on August 14, 2006 at 07:22:48:
You are stuck with the ownership structure in place when the deal was consummated.
With that said, you can rescind a transaction and then redo it, but only if you manage to rescind it within the same tax year that you did the deal.
Transfering from Sole Proprietorship to LLC - Posted by JDL
Posted by JDL on August 13, 2006 at 22:06:46:
Is it possible to transfer profits made in an investment as a sole proprietorship to an LLC after transaction is done for liability and tax purposes? How do I go about this? This is only because of trying to limit expenses before actually completing a deal. Thanks in advance.