The operational word is probably more "transfer" than "convert."

Essentially you could buy the business as a going concern (effectively you become the holder of all the assets and liabilities in your personal name), or you could buy the fixed assets and wind up the company.

In either instance make sure the creditors get paid to avoid complications. If you transfer assets to yourself as a member and happen to stiff a creditor, they've got pretty strong legal grounds to claim fraud.

Some assets (such as vehicles, particularly still under finance) might not be so easy to simply transfer.

From a tax point of view, your and the cc are different taxable entities. You will both be required to submit all the relevant returns for the 2011 tax year.

From a trade earnings point of view, the switch is not a big deal. There could be some capital effects though depending on what the situation of the cc is.

The fewer assets, debtors and creditors the easier this all will be. If the cc has lots of assets and liabilities, we probably should discuss whether this conversion is really in your best interests.