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Thread: Single member LLC to Sole proprietorship

  1. #1

    Default Single member LLC to Sole proprietorship

    Hi all,

    This is my first post. I'm hoping you can help me.

    I've had a single member LLC for about three years now. I've had no sales, but I've paid all fees and annual reports. I don't see things getting better, so I don't want to continue paying annual report fees. I'd still like to have the possibility to sell the artwork I have left if the opportunity arises, so I want to close the SMLLC and open a Sole Proprietorship. What would be the easiest way to do this? Is there any way to do this without having to pay a cancellation fee?

    Thank you for your help!
    Val

  2. #2
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    Welcome to the forum Val. I think you just need to fill out some forms to dissolve the LLC. You'll want to visit the website for the Secretary of State for your state. Then search for certificate of dissolution. That should be the name of the form you want. I don't think there's a cancelation fee, but I'm not sure.

    As far as becoming a sole proprietor, you pretty much are one as soon as soon as the LLC is dissolved. All you really need to do to be a sole proprietor is to make sure your business name is registered. It's not actually necessary, but it's something you'll want to do. I'm guessing your business name is already registered. Other than that it's filling out tax forms as an individual, except your income (and deductions) from the business is filled out on different form.

    Hope that helps.
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  3. #3

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    Thank you for your message vangogh. I'll look for the New Jersey website.

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