Which TIN After LLC Revokes S Corp Election?

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Lieutenant.Columbo
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Which TIN After LLC Revokes S Corp Election?

Post by Lieutenant.Columbo » Sat Sep 15, 2018 6:47 am

I was wondering which TIN an LLC would use after it revokes the S Corp election.

The benefit I see to using the same EIN after revoking S Corp election is avoiding the need to update the EIN across all institutions the LLC deals with, such as banks, retirement plan administrators, 1099 clients, local tax offices, etc.

The benefit to Not using an LLC's sole member's SSN for affairs of the LLC's is further separation between personal and business finances, which helps maintain the corporate veil, keep sane bookkeeping and report tax liability.

So, could an LLC use the same EIN after it revokes the S Corp election?

Thank you.
Lt. Columbo: Well, what do you know. Here I am talking with some of the smartest people in the world, and I didn't even notice!

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