A pallet assembly and a method for disassembling a pallet assembly into smaller, easy-to-store pieces. In one example implementation, a pallet assembly may be disassembled and re-assembled as equipment having an alternative function. In an example implementation, a pallet assembly having a pallet support structure formed by beam members connected to transverse members and a plurality of pallet surface components attached to intersecting areas of the transverse members and the beam members is disassembled by detaching the pallet surface components from the intersecting areas. The extension members may be attached to conversion enabling structure on the pallet surface components to assemble a selected piece of equipment. The pieces of equipment may be any type of equipment including furniture (tables, chairs, shelving units, bar stools, etc.).