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Old 07-27-2010, 08:20 AM
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s-corp to sole proprter.

My company is set up as an S-corp and my business partner and I are looking to dissolved the business or for myself to set it up as a sole-propeitorship (sorry for mis-spelling). we are in Maine. My accountant is on vacation until next week the question I am asking is this possible to do?



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Old 07-27-2010, 09:59 AM
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I am not sure why you want to dissolve the S Corporation and do business as a sole-proprietorship. I think you really need to discuss this matter with your CPA who would be more familiar with your personal situation.

Generally speaking, you can dissolve an S Corporation voluntarily anytime, and you can do the business as a sole-proprietorship, but there may be tax implications that may be unfavorable to you if you go ahead with this situation. It may be that your partner wants out, but if you were to buy out his share, this may be a preferred solution and you want to discuss this matter with your CPA when he is back from vacation.

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