My wife is self employed. During 2017, she changed her LLC name and EIN number. Do I treat this as closing one business and opening another, dividing income/expenses?

[drichmond33]

Nothing else changed in her business.

[JulieH1 · Accepted solution]

Yes.

 If the business had a different EIN, you would need to create 2 schedule C's and allocate your income and expenses between the two ID's. 

Start with the one that was in existence at the beginning of the year. 

• Edit the business profile as outline above but instead of modifying the business name
• Click Edit across from Disposed of Business in Current Year
• Check that the business was sold or disposed in 2017 and say no it was not disposed of in one of the listed ways.
• Enter income and expenses for the period of time this business name was used.
  

Second make the entries to start a new business with the new name 

At the first screen after clicking edit across from Business Income and Expenses

Click Add Another Business

• Add the business under the new name
• At 'Tell us about your business'
  
• Check I started the business in 2017
• Enter business assets using the remaining basis amount from the first business
  
• Enter income and expenses for the period of time the second business was in existence.