There may be many reasons why you wish your business to change to - or from - a particular legal structure - eg you may want to limit your personal liability or create a business entity to pass on to your family.
Circumstances may compel you to change your business structure. Your business may be changing ownership or raising capital. These processes may only be possible under a new business structure. Each type of legal status has different tax and legal obligations.
This guide provides an overview of the common legal structures for businesses and examines the implications of the process of changing your business from one type of legal structure to another. Bear in mind that changing the legal structure of your business can be complex, so it is worthwhile discussing your plans with a professional business adviser.