Once you decide to move locations with your business or change the name, you will be glad to know that you do not need to get a new employer identification number (EIN). The same goes if you add locations to your existing business structure. Although many similar changes that you make to your business do not require a new EIN, the IRS does have some requirements in place for when it is time to apply for a new tax ID number for your existing business.
Changing Your Entity Type
Regardless of what type of entity you currently do business under, including sole proprietor, partnership, LLC or corporation, you must apply for a new EIN when you decide to change your business structure. Examples include sole proprietors who choose to incorporate or corporations who change to a partnership. Corporations who make changes to their charter, create a subsidiary or new corporation also will need to apply for a new EIN.
Other Situations
Even though the main changes that require a new EIN revolve around changing the legal entity of your business, there are a few other situations where it is required, including:
● A sole proprietor undergoing bankruptcy proceedings
● When the existing business is bought or inherited, especially when run as a sole proprietorship
When you make changes to your business, it is important to ensure that you undertake all the necessary paperwork so that your business remains in compliance. For your taxes, this might mean needing a new tax ID. For most businesses, the only major changes requiring a new EIN revolves around the change of the business entity type.
If you are unsure you have a number, you can verify EIN number. If you do need to apply for a new EIN number Wisconsin or another state, you can do so online. Contact IRS-EIN-Tax-ID Filing Services to learn more about the application process.
