You might need to make adjustments to your LLC over time after you establish one. It’s crucial to act quickly if you need to update your LLC’s information with the IRS in order to avoid paying any penalties or fines. Here is the information you need to update your LLC with the IRS.
Step 1: Examine the Current Information for Your LLC Make sure you have all the information you need to update your records before making any changes to your LLC. This includes the legal name and address of your LLC as well as your Employer Identification Number (EIN).
Fill out Form 8822-B in Step 2 You must submit Form 8822-B, Change of Address or Responsible Party – Business, to the IRS in order to modify your LLC. Update the responsible party information, physical address, and mailing address for your LLC using this form. This form can be submitted online or by mail.
Update Your State Records in Step 3 You must update your LLC with both your state and the IRS in addition to the IRS. You might need to submit extra forms or pay other costs depending on the legislation in your state. To find out what you need to do to update your LLC, be sure to contact the Secretary of State’s office in your state.
Can I have one EIN for two different businesses? You cannot operate two firms using the same EIN. Each EIN is distinct and given to a particular corporate organization. You will need to apply for a different EIN for each of your businesses if you have more than one.
What Are the Advantages of an EIN Number? Your firm is identified for tax reasons by its EIN number. Additionally, it is necessary if you create a company bank account, file certain tax reports, or have workers. You can develop business credit and apply for loans and other forms of finance more easily if you have an EIN.
In light of this, What Happens if You Have Two EIN Numbers? You must get in touch with the IRS to get one of your EINs terminated if your company has more than one. Multiple EINs might be confusing and could lead to improper tax filings. For each corporate entity, it is best to have a single EIN number.
Can More Than One DBA Use the Same EIN?
You can use different DBAs (Doing Business As) under the same EIN, yes. A DBA is a company name that you employ that is distinct from your legal name. You may use different DBAs for various aspects of your business, but they must all be registered with the Secretary of State’s office in your state.