I started my company as a General Partnership - partly to avoid fees while still ramping up, and partly because I wasn't foreseeing large revenue in the intial year.
Time went by, and now I need to switch to an LLC, due to tax, liability and presentation issues.
Will I need to dissolve my partnership and open a new S-Corp, or is there a way to retain my EIN, name, registration etc. and just "roll-over" to an S-Corp?
Bonus question: Is it something I can do on my own (online), or is it better to involve my accountant?
Thanks in advance,
Doing it online is not doing it on your own. Check with your State for the procedures involved in changing the business classification. It is mainly taxes that can complicate the issue, otherwise as long as you file the right forms and pay the fees nobody would care. However, if still uncertain, consult a business attorney -- not an accountant.
Best of luck!
Your best way forward would be to start fresh to avoid any confusion between the partnership and the LLC.
What I would do is setup the LLC and have it purchase all the rights to the partnership. That way, there is a clean transaction.
You can checkout www.nolo.com for an on-line way to form an LLC or S-Corp. I have used them and it worked out well for me.