Answer to Question #307859 in Accounting for Ben

Question

Is it possible to convert a close coperation into a company? If so, how should thet do it?

Answer 1

Yes it is possible to convert. Converting a Close Coperation into a company enables other parties to invest as shareholders in th business. All members of the Close Coperation must sign a letter agreeing to convert it into a company and become shareholders in the company. The name must be reserved.