When paying taxes and other paperwork, having two Employer Identification Numbers (EINs) can be confusing and challenging. An EIN is a special nine-digit number given to businesses by the IRS for tax purposes. Having two EINs can occur for a number of reasons, such as inadvertently requesting a new one rather than updating the current one or purchasing a new company that already has an EIN.
Finding the appropriate EIN for your company is the first step in fixing this problem. This can be accomplished by looking for any past tax returns or other records that include your EIN. Call the IRS Business & Specialty Tax Line at 800-829-4933 for advice if you’re still unsure.
Use the right EIN for all further tax filings and commercial activities once you have located it. You should get in touch with the IRS to let them know you were using the wrong EIN and ask them to cancel it if you have.
Making other adjustments to your company’s organizational structure might be essential in addition to finding a solution to the dual EIN problem. You can submit an amendment with the state, for instance, if you have an LLC and wish to alter how it is taxed. It is referred to as an amend LLC.
You must submit Articles of Amendment to the Missouri Secretary of State in order to modify your LLC there. The present name of your LLC, the date it was founded, and the modifications you intend to make must all be included in this document. Check with the Secretary of State’s office for the most recent filing fees as there might be one involved.
You must submit Form 2553 to the IRS if you wish to convert your LLC to a S Corporation in Missouri. By submitting this form, your LLC notifies the IRS that it wishes to be taxed as a S Corporation. You might also need to complete state-specific paperwork with the Missouri Department of Revenue in addition to this federal form.
You must choose whether your Missouri LLC will be run by management or by its members when you form one. Members are LLC owners who may or may not be involved in managing the LLC, whereas managers are people chosen to oversee the day-to-day operations of the LLC.
The Operating Agreement for your LLC must specify this information if you decide to hire management. If you decide to have members run the LLC, you must make sure that the Operating Agreement explains each member’s obligations in detail. Missouri-based Series LLC
A series LLC is a special kind of LLC that enables the development of distinct, independent series inside the LLC. Each series may have its own resources, obligations, and participants. Businesses that desire to establish distinct divisions or subsidiaries without setting up additional LLCs may find this handy.
Series LLCs are legal in Missouri, but they must adhere to a number of rules and regulations. For instance, each series is required to keep separate books of account and have a unique operating agreement.
Having two EINs might result in confusion and issues, but they can be avoided by locating the right EIN and deactivating the wrong one. You must adhere to the proper legal procedures if you want to change any other aspects of your LLC, such as its management structure or tax status. In Missouri, series LLCs are another choice, but they have particular criteria and limitations.