716373
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You may need to get a new EIN
According to the IRS:
"Sole Proprietors
You will be required to obtain a new EIN if any of the following statements are true.
A gift is a gift, it is not reported by the person that receives the gift and not reported by the person that gives the gift unless the value is over the limit, 15,000 for 2021, in which case the person making the gift files Form 709 "Gift Tax Return"
You will need to file Schedule C for the income earned up until you registered the Partnership.
How the assets transfer is determined by state law.
Hi KrisD15,
Thank you for your replay. I should not have posted on this thread, since my situation is a bit different than the OP. I reposted in the Business and Farm section, and got my answers there. My business was a single member LLC converted to a partnership LLC, so need for a new EIN.
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