Your business name changes. You choose to be taxed as an S Corporation. After a corporate reorganization, you only change identity, form, or place of organization. For example, a business may incorporate in another state as a new corporate entity. Each partner contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
Partners can be individuals, corporations, trusts, estates and other partnerships.
One partner takes over and operates as a sole proprietorship. You end an old partnership and begin a new one. A partnership declares bankruptcy. The partnership name changes. You change the location of the partnership or add locations.