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business entity change

Contributing Cover User Bernadette-_
13 Posts
Contributing Cover User
Australia
Bernadette-_
Contributing Cover User

13Posts

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0Solutions

business entity change

Hi 

I am currently using MYOB essentials as a sole trader and have recently changed to a Partnership.  

 

I have called MYOB support but didnt get any help.  

 

Do I need to create a new business?  So that would mean deactivating MYOB for my sole trader account?

 

Any advice would be great

Thankyou.

 

2 REPLIES 2
Ultimate Partner IanChait
1,003 Posts
Ultimate Partner
Australia
IanChait
Ultimate Partner

1003Posts

720Kudos

185Solutions

Re: business entity change

Hi @Bernadette-_ 

 

A Sole Trader and a Partnership are two destinctly different entities. There is obviously a new partner, which means you need Capital Accounts for each partner. The new partnership will have a new ABN. All the Assets of the Sole Trader would presumably have been transferred to the Partnership. Were there any debtors and creditors, and what happened to them? It is too complcated to continue using this file.

 

So, my suggestion would be to start a new file. You will need to keep the old one active until you have lodged your tax retirns for this year, and then before de-activating it, make copies of all data and relavant reports, as once de-activated or cancelled, you will not be able to re-activate the file and access any data.

 

 

 

 


Regards
Ian Chait CA
Certified Consultant Melbourne
P/M 0417 479 585
Email ian@myfc.com.au

Contributing Cover User Bernadette-_
13 Posts
Contributing Cover User
Australia
Bernadette-_
Contributing Cover User

13Posts

0Kudos

0Solutions

Re: business entity change

Thankyou Ian

Very helpful reply

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