LLC

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Do I Have to Issue 1099s for “Business to Business Transactions”?

By | October 17th, 2019|Categories: Small Business Tax and Accounting|Tags: , |

(NOTE: I have been terrible about writing posts this year; I am finally back at a point of being able to blog again, so you'll see posts more often from me. And if this post is any indication, I have my flair back that so many people liked, of writing with humor and going on long [...]

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Does My LLC Need a New EIN?

By | August 8th, 2018|Categories: Small Business Tax and Accounting|Tags: , |

Scenario: an existing LLC, taxed as a sole proprietorship or a partnership, has an employer ID number. If the LLC later decides to be taxed as a corporation, does it need a new EIN? This one is straightforward to answer. The answer is, no.

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Glossary: Sole Proprietorship

By | April 6th, 2017|Categories: Glossary|Tags: , , |

In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner.

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What EIN Do I Put on Schedule C?

By | July 20th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , |

When a sole proprietor has an employer identification number (EIN), it would seem to be common sense that the proprietor would put that EIN on the Schedule C for the proprietorship. Not so fast -- especially of the sole proprietorship is a single-member LLC taxed as a sole proprietorship.

Does My Partnership Need a New EIN if it Becomes an LLC?

By | April 15th, 2016|Categories: Small Business Tax and Accounting|Tags: , , |

Question: I am a co-owner in a partnership. The partnership has an EIN. We have now decided to form an LLC but will continue to be taxed as a partnership. Do we need a new EIN for the LLC? Answer: No, you can keep your existing EIN.