Is it possible to convert a NJ based business from a Professional Association Corporation to a common Corporation after being in busines for 30 yrs?

An organization with "PA" or a similar abbreviation in its name organized under NJ law is called a "professional corporation" for purposes of the NJ corporation law, title 14A. A professional corporation in New Jersey is treated the same as a business corporation for most purposes, except that it cannot limit the personal liability of its professionals for malpractice by incorporation. But in other respects -- such as the claims of ordinary creditors, employees, etc. -- the stockholders of such a corporation enjoy limited liability.You are not correct that most states do not recognize this form of business organization. However, with liberalization of the Internal Revenue Code's provisions with respect to employee benefit plans, few new organizations of this kind are now organized. If you are continuing to render professional services of the type that may only be rendered by a professional corporation -- such as medical or legal services -- you cannot convert your business to an ordinary business corporation. If you are not rendering such services and are otherwise eligible to convert, it should be possible to do so, although it is not clear why you would want to go to the effort of doing so. Please call my office at (203) 399-1320 to discuss your needs. We do these kinds of transactions all the time.