Once the form of ownership for a business is chosen by entrepreneurs it is not possible to convert it to another form.

Question

Quizplus · Accepted Answer

It is possible to convert the form of ownership for a business at any point in time, provided that the required legal procedures and formalities are completed. For example, a sole proprietorship can be converted into a partnership or a corporation, and vice versa.

Once the Form of Ownership for a Business Is Chosen