In a sole proprietorship, the owner of the business and the business are a single entity. Only one person owns the company and instead of paying corporate taxes, the owner pays personal income tax on any profit.
The process to change a business structure (for example, change from a sole proprietorship to a corporation or partnership) is the same as starting a new business!.there are some steps:
– Create your new business structure in your state.
– Submit a new Business License Application to apply for a new Business License.
this will be the only way to add the 2 sons as partnership, because Sole Proprietorship is one owner company, and Sole Proprietorship dies only when the owner dies.