Q: Does a new owner that buys a Florida sole member llc which is a disregarded entity by the IRS need to get a new EIN?
What does the seller and buyer need to do to inform the IRS there has been a sale?
Send letter to IRS once the sale is complete or report the sale of the business assets on Form 8594 and Form 4797, and attach these forms to your final tax return. Form 8594 is the Asset Acquisition Statement, which the buyer and seller must complete and submit to the IRS.
Does new owner become the responsible party for the business after transfer of ownership?
Is this correct to complete the transfer of the business?
Current owner can update the annual report to add new owner, remove current owner, and submit the resignation/disassociation form.
A: No, the current EIN will work.
1 user found this answer helpful
A: Typically no. The EIN travels with the entity. You will just need to update the paperwork with the IRS to show that you are the owner.
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