llcI own a WY LLC as a sole member, and am adding my spouse as the second managing member. I understand that in addition to changing the LLC’s operating agreement, I also must apply to a new EIN given that the LLC’s status at the IRS changes from sole proprietorship to a partnership.
Would anyone be able to point me in the right direction in applying for this new EIN?
I know it can be done online, but I’m getting confused with the torrent of forms and links from the IRS. I’d very much appreciate any inputs, especially from someone who has done it before.
Many thanks.
Your thoughts are incorrect. An LLC is a separate legal entity. It is reported on Sch C “as if” it were a proprietorship purely due to IRS regulations. By law (all US states) it is a separate entity. It is separate whether it has 1 member or 1000. More than 1 member requires filing a Form 1065 return. Once the IRS issues an Employer Identification Number (EIN) you are required to keep it. It may not be changed without the IRS’s permission.
Note that the due date for the filling of the LLC on a Form 1065 (typically called a Partnership return)for the 2015 returns is the same as that of an individual, April 15. However, effective for 2016 the due date has changed to the 15th day of 3rd month following year end, March 15 (a month earlier than for 2015 returns) For the 2015 returns an extended due date of 5 months is allowed (September 15) providing a Form 7004 is timely filed. For 2016 there is an extended due date is 6 months, September 15.
You generally need a new EIN when you convert from a sole proprietorship to a partnership. The IRS doesn’t care whether you have an LLC or not, it just looks at how your LLC is taxed. See here: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Do-You-Need-a-New-EIN
There are some other rules if the two members of the LLC are married, and those may apply to you: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Single-Member-Limited-Liability-Companies
This is where you apply for an EIN: https://sa.www4.irs.gov/modiein/individual/index.jsp
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