Changing your LLC’s name with the IRS is a rather simple process. Form 8822-B, sometimes referred to as the “Change of Address or Responsible Party – Business” form, must be submitted. You must use this form to inform the IRS of any changes to your company, including any to the name.
Your present business name, your new business name, and your Employer Identification Number (EIN) must all be entered on Form 8822-B. You must also give your responsible party’s name and address, as well as your business address. When the form is finished, mail it to the address provided on the form.
If you alter the name of your business, you usually won’t require a new EIN. But there are specific circumstances in which you could have to apply for a new EIN. For instance, you’ll need to register for a new EIN if your company’s legal structure changes (for instance, if you go from being a sole proprietorship to an LLC).
Is It Possible To Change My Business Type? You can alter your business type, yes. For instance, you can change your business structure from a sole proprietorship to an LLC by submitting the necessary papers to your state. Remember that altering the form of your business could have tax repercussions, so it’s vital to speak with a tax expert before making any changes.
You can alter your company’s structure, of course. As was already noted, you can convert from a sole proprietorship to an LLC by submitting the necessary papers to your state if you’re currently doing business that way. Similar to this, you can change your legal status from an LLC to a corporation by submitting the necessary paperwork to your state.
It is possible to convert your LLC into a S Corp. But in order to do it, you’ll need to fulfill a few conditions. For instance, in order to choose S Corp status, you must submit Form 2553 to the IRS. The IRS’s qualifying standards must also be met, which include having no more than 100 stockholders and adhering to specified ownership limits.
Finally, completing Form 8822-B with the IRS is all that is necessary to change the name of your single-member LLC. If your business name changes, you might not need a new EIN, but if your business type or legal structure changes, you could have to file for a new EIN. To make sure you understand the tax ramifications of your decisions, it’s crucial to speak with a tax expert before making any changes to your company.
There isn’t a unique EIN (Employer Identification Number) for each series in an LLC. A series LLC only needs one EIN because it is still treated as a single entity for taxation purposes. Each series may, however, have a unique name, set of assets, and set of liabilities.