legal, taxes, massachusettsMassachusetts requires a $500 annual fee for LLCs, which I could not afford anymore, so I filed a MA LLC cancellation form.
Can I still operate as a sole proprietor using my same EIN, Dept of Revenue sales tax account, and bank account? I realize I will not have the protection of an LLC, but I find the $500 fee not to be worth it.
Double check with a lawyer but as I understand US employment law you’ll need the EIN you’d use to hire e.g. your cleaning lady – you cannot use the one your company got, since it no longer exists.
The same applies for your corporate bank account and so forth. Use yours, not your former company’s.
Apart from that, sure, you can operate as an individual rather than an LLC. But, be wary that you expose yourself to getting sued (without limited liability) for your own assets.
Can I still operate as a sole proprietor using my same EIN, Dept of Revenue sales tax account, and bank account?
No, all these are per entity. You’ll have to register again as your own person and get new numbers/accounts.
For a bank account you may be able to add yourself as a joint owner and then remove the LLC, but I doubt it worth the trouble since LLC probably has a more expensive business account while as a sole-proprietor you can use a (usually free) individual account. In any case - check with the bank.
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