What If Sole Proprietorship Already Has EIN

What If Sole Proprietorship Already Has EIN

That is unlikely as Sole Proprietorships are created with a Social Security Number rather than an EIN. To obtain an EIN for the entity, the IRS requires that sole proprietorships get a new EIN and convert to either an LLC or Corporation.

    • Related Articles

    • How To Have A Sole Proprietorship Placed In A Trust

      Follow the instructions in the program for adding the an entity's assets into a trust (Private Security Agreement with property recorded in Schedule A). One can only transfer the assets of the sole proprietorship into the trust. Because a sole ...
    • How To Convert an LLC into a Corporation

      Many states offer statutory conversion allowing an LLC to convert to a C or S-Corporation by filing forms with the office of the Secretary of State. Once approved, LLC members become stockholders in the corporation, along with all previous assets and ...
    • Can An LLC Be Converted Into A Corporation

      Yes. Most states allow LLCs to be converted to a corporation by the simple filing of documents with the state, these documents essential merge the two entities into one. At the time of the conversion the LLC by operation of law becomes a corporation ...
    • Can LLC or Corporation Be A Grantor for A Trust

      A Corporation and LLC can be grantor for a statutory trust, but not a private express trust (i.e. Bulletproof Trust). Private express trusts require a living human being to be grantor. If the goal of using these statutory entities as grantor is to ...
    • Should One Turn an LLC Into A C-Corp

      A C-Corp offers much better protections over an LLC (LIMITED Liability Corporation); the primary word being "limited" which declares it to not be fully shielded from larger lawsuits. There is still a liability if a lawsuit goes over ~$250,000 ...