Do I need to start over and create a new business?

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Do I need to start over and create a new business?

I started a business with hopes of selling vapor products, however this being my
first time and finding out information after the fact I have decided to put this
on hold and sell CBD products instead for a few reasons. Will I need to go
through the whole process again and file a new business as well as apply for
State and Federal taxes?

Asked on February 19, 2019 under Business Law, Colorado

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

The fact is that a business can operate either for the purpose it was originally created for or for any other lawful purpose. Accordingly, you don't need to form a new business; you can sell your produts throught your exisitng  company.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, you don't need to create or start a new business. Regardless of the original purpose for a business, a business may engage in any legal (i.e. not prohibited or illegal) line of business it wants. So if you want to sell CBD products instead, you may do it through the existing business.


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