Home – New Forums Starting your journey Changing from Partnership to Sole Trader

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  • #977576
    lollylicious
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    Hi,

    What forms do we require to alter a current partnership in NSW to a SOLE TRADER. We will require the ABN transferred, Business Name and of course the Bank account. Before we begin on the path, wanted to put it out there to ensure we cover all areas.

    Any advice is appreciated.

    #1098646
    Past-Member
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    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    #1098722
    Past-Member
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    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    #1098647
    lollylicious
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    KarenC, post: 111639 wrote:
    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    Thanks Karen!

    #1098723
    lollylicious
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    KarenC, post: 111639 wrote:
    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    Thanks Karen!

    #1098648
    Normanby
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    Right on Karen.
    New entity, ABN and bank accounts.

    You can however transfer the ownership of the trading name. Your state Consumer Affairs office will have a form where the owner of a trading name (the Partnership) can transfer the ownership of the trading name to the new entity after it is set up.
    Small fee payable, I believe.
    Matt
    http://www.NoHassleAccounting.com.au

    #1098726
    Normanby
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    Right on Karen.
    New entity, ABN and bank accounts.

    You can however transfer the ownership of the trading name. Your state Consumer Affairs office will have a form where the owner of a trading name (the Partnership) can transfer the ownership of the trading name to the new entity after it is set up.
    Small fee payable, I believe.
    Matt
    http://www.NoHassleAccounting.com.au

    #1098649
    SAmedia
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    The other posters are right.

    With that in mind I would invest in some professional advice to make sure that all the boxes are ticked.

    All the best,
    Sean

    #1098727
    SAmedia
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    The other posters are right.

    With that in mind I would invest in some professional advice to make sure that all the boxes are ticked.

    All the best,
    Sean

    #1098650
    lauraca
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    KarenC, post: 111639 wrote:
    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    Hi Karen, you are very accurate answers.:)

    #1098729
    lauraca
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    KarenC, post: 111639 wrote:
    You have to dissolve the partnership – you can’t transfer an ABN. An ABN is for one entity or an individual. A sole trader has to open new bank accounts in new business name with new ABN. Phone the ATO or contact your accountant for the best info.

    .

    Hi Karen, you are very accurate answers.:)

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