If you are an owner of a Limited Liability Company (LLC) and have made the decision to alter the name of your business, you must notify the Internal Revenue Service (IRS) of the change. Tax filings may get muddled and delayed if the IRS is not informed of the change. The most frequently asked questions about altering your LLC’s name with the IRS are addressed in this article.
Can I have one EIN for two different businesses?
You cannot operate two firms under the same Employer Identification Number (EIN). Every company needs a separate, individual EIN. You will need to file for a different EIN for each of your LLCs if you have more than one.
How can I alter the name of my LLC with the IRS? You must submit Form 8822-B, also known as a Change of Address or Responsible Party – Business, to the IRS in order to change the name of your LLC. Your previous business name, your new business name, and your EIN must all be entered into the form. The day the name change became effective must also be mentioned. Once the form is finished, you can mail it to the address listed there.
Therefore, after registering, can I modify the name of my company?
Yes, you can change the name of your firm. You will nevertheless need to adhere to the correct processes and submit the required documentation to your state’s Secretary of State office. You must update your business name with the IRS and other federal and state authorities where you have registered your business after the state accepts the name change.
Are my EIN and SSN connected?
Yes, for tax purposes your EIN is connected to your Social Security Number (SSN). You must supply your SSN or another taxpayer identification number when you register for an EIN. While your SSN is used to identify you as an individual taxpayer, your EIN is used to identify your business for tax purposes.
In conclusion, it is easy to change your LLC’s name with the IRS, but it is crucial to follow the right steps to prevent confusion or delays in tax filings. Keep in mind that every company has a distinct EIN, and if you alter the name of your LLC, you must complete Form 8822-B with the IRS. Additionally, you will need to follow the correct processes with your state’s Secretary of State office and update your business name with the IRS and other federal and state agencies if you change your company name after registration.
You must submit Form 8822-B, the Notification of alter of Address or Responsible Party-Business, to the IRS in order to alter the name of your LLC. The form will ask for information such as the new name of your LLC, your EIN (Employer Identification Number), and other pertinent details. The form can be submitted online or by mail. The IRS will send you a confirmation letter after processing your request and updating their records. It’s crucial to remember that updating your LLC name with the IRS does not immediately update your state- or local-level business registrations, so you will also need to complete the right procedures in those areas.