Do I need new EIN?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Gemini
Posts: 912
Joined: Sun May 20, 2012 8:10 am

Do I need new EIN?

Post by Gemini » Sun Dec 27, 2015 3:19 pm

I recently opened a sole proprietor LLC and obtained an EIN. I am in the process of now either trying to ammend the LLC for a name change or dissolve it all together and open a new LLC. Do I need a new EIN in either of the situations or can I use the same old?

User avatar
BolderBoy
Posts: 4021
Joined: Wed Apr 07, 2010 12:16 pm
Location: Colorado

Re: Do I need new EIN?

Post by BolderBoy » Mon Dec 28, 2015 12:00 am

Gemini wrote:I recently opened a sole proprietor LLC and obtained an EIN. I am in the process of now either trying to ammend the LLC for a name change or dissolve it all together and open a new LLC. Do I need a new EIN in either of the situations or can I use the same old?
I used the same EIN for several entities (S Corp and LLCs) I started in the 1990s & 2000s. The IRS wasn't thrilled that I'd done that, but after a lengthy telephone chat they linked all the entities together and to me. To this day, all the entities have gone away and I use the EIN for my i401k.

You are probably safe using the same EIN for your personally owned LLCs that end up referring back to you anyway. Just keep a paper trail that you can follow in case there is an inquiry.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

User avatar
saltycaper
Posts: 2650
Joined: Thu Apr 24, 2014 8:47 pm
Location: The Tower

Re: Do I need new EIN?

Post by saltycaper » Mon Dec 28, 2015 2:19 am

This link may be helpful:

https://www.irs.gov/Businesses/Small-Bu ... -a-New-EIN

See also IRS publication 1635 for EIN info.
Quod vitae sectabor iter?

Gemini
Posts: 912
Joined: Sun May 20, 2012 8:10 am

Re: Do I need new EIN?

Post by Gemini » Wed Dec 30, 2015 4:53 pm

Thanks for the updates.

Do I need to update the name of the business with the IRS or they don't care? It is already changed with the State.

User avatar
saltycaper
Posts: 2650
Joined: Thu Apr 24, 2014 8:47 pm
Location: The Tower

Re: Do I need new EIN?

Post by saltycaper » Wed Dec 30, 2015 4:59 pm

The link above contains a link to this page:

https://www.irs.gov/Individuals/Business-Name-Change
Quod vitae sectabor iter?

J295
Posts: 1558
Joined: Sun Jan 01, 2012 11:40 pm

Re: Do I need new EIN?

Post by J295 » Wed Dec 30, 2015 5:00 pm

Just curious, is this a single member LLC? If so, why did you obtain an EIN?

As for your question, if there is a name change filing with the state secretary of state there is no need for a new EIN. On the other hand, if the existing entity is dissolved per your original post (not merged) then you not use the "old" EIN.

zotty
Posts: 841
Joined: Tue Sep 15, 2009 5:18 pm
Location: DFW, Texas

Re: Do I need new EIN?

Post by zotty » Wed Dec 30, 2015 5:06 pm

Just get another one. it takes about 5 minutes. why not?
Nadie Sabe Nada

Gemini
Posts: 912
Joined: Sun May 20, 2012 8:10 am

Re: Do I need new EIN?

Post by Gemini » Wed Dec 30, 2015 10:28 pm

saltycaper wrote:The link above contains a link to this page:

https://www.irs.gov/Individuals/Business-Name-Change
Thanks. Looks like this is something that needs a letter to be sent. Doesn't look like a quick online fix.

J295 wrote:Just curious, is this a single member LLC? If so, why did you obtain an EIN?

As for your question, if there is a name change filing with the state secretary of state there is no need for a new EIN. On the other hand, if the existing entity is dissolved per your original post (not merged) then you not use the "old" EIN.
EIN so I don't have to use social security number on W9. Also, biz checking accounts require EIN.

I actually "ammended" the certificate of formation and changed the name of the LLC. From what I am reading, it does not appear I need a new EIN. Just wondering if I should update IRS or just let it fly.


zotty wrote:Just get another one. it takes about 5 minutes. why not?
Why get it when it is not needed?

User avatar
Lieutenant.Columbo
Posts: 1162
Joined: Sat Sep 05, 2015 9:20 pm
Location: Los Angeles CA

does LLC need new EIN after revoking S Corp election?

Post by Lieutenant.Columbo » Thu Sep 13, 2018 9:47 pm

Bumping old Topic so that hopefully I won't need to start a new one,

I have an LLC that elected S Corp taxation. The LLC has it's own EIN.
I'm considering revoking the S Corp election by Dec 31 and on Jan 1 continuing business in the name of the LLC as a disregarded entity.

I'd like for this LLC to continue using the same EIN (for bank accounts, retirement plan, 1099 receipts, IRS-related stuff, etc) even after the S Corp revocation. Is this possible?

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!

Post Reply