Business & farm

Hey Carl, thanks again for the insight here. 

 

Regarding the need for a new EIN... I was confused on this point. I found the following on the IRS website (I've highlighted my situation in red):

 

You will not be required to obtain a new EIN if any of the following statements are true.

  • You report income tax as a branch or division of a corporation or other entity, and the LLC has no employees or excise tax liability.
  • An existing partnership converts to an LLC classified as a partnership.
  • The LLC name or location changes.
  • An LLC that already has an EIN chooses to be taxed as a corporation or as an S corporation.
  • A new LLC with one owner (single member LLC) is formed under state law, does not choose to be taxed as a corporation or S corporation, and has no employees or excise tax liability. NOTE: You may request an EIN for banking or state tax purposes, but an EIN is not required for federal tax purposes.

https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein

@Carl