is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

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nokiassa
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is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by nokiassa » Fri Feb 11, 2022 4:12 pm

As the title suggests, is it possible/easy to change between company type after founding?



is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

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FinnGuyHelsinki
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by FinnGuyHelsinki » Fri Feb 11, 2022 4:33 pm

nokiassa wrote:
Fri Feb 11, 2022 4:12 pm
As the title suggests, is it possible/easy to change between company type after founding?
Possible - yes, easy - probably not. Depending on the original and the intended company type, different laws apply. With a quick search I didn't find any information in English, anyway here's some in Finnish https://www.minilex.fi/a/yritysmuodon-vaihtaminen

DMC
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by DMC » Fri Feb 11, 2022 5:09 pm

FinnGuyHelsinki wrote:
Fri Feb 11, 2022 4:33 pm
Possible - yes, easy - probably not.
I have recently been told the same thing by someone who should know what he is talking about. He said it is possible but usually easier to simply start another company. Also cheaper when you consider accountants & lawyers fees.

inkku
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by inkku » Fri Feb 11, 2022 5:10 pm

To my knowledge it is possible fulfilling the conditions, several articles in Finnish eg
https://www.accountor.com/fi/finland/ar ... keyhtioksi

What lawyer or accountant fees???

DMC
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by DMC » Fri Feb 11, 2022 5:36 pm

From what I remember, he said the process is quite complex and most people would need advice from an accountant and/or a lawyer. Also the different company types can have different accounting requirements and the transition between them can be tricky for non-accountants to handle. I took that to mean that the accounts would need to be "finalised" under the old rules and then re-started under the new rules. ISTR He said something about needing to change from single-entry book-keeping to double-entry in some cases.

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nokiassa
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by nokiassa » Sat Feb 12, 2022 10:03 pm

So put it another way, is it easy to just shut down your Oy company to open a new toiminimi (or vice versa)

FinnGuyHelsinki
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Re: is it ok to change your company type after founding (e.g toiminimi to Oy or vice versa)

Post by FinnGuyHelsinki » Sun Feb 13, 2022 8:33 am

nokiassa wrote:
Sat Feb 12, 2022 10:03 pm
So put it another way, is it easy to just shut down your Oy company to open a new toiminimi (or vice versa)
You can start a new company and stop further business activities in the previous one. If you want to continue operations under the same company (legal entity) with a changed company type, then the process is more involved. Whether or not it's easy shouldn't be the main deciding factor, if there's a need (determined by you) to do so, then you'll do it.

As a general note, you've been asking business related questions before, please do not consider this forum as an adequeate source of information for conducting successful business. There's a lot you'll need to know, from legal issues to good practices and procedures. Take an entrepreneur course and consult professionals.


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