Hello, I will be happy to assist you. After receiving your answer, please do not forget to click the green "accept" button. Although you have made a deposit (or are a subscriber), I cannot receive credit for my work without your accept.
Yes, sole proprietor taxation is a flow through straight to your own income tax return. You really didn't need a separate EIN -- only your social.
S-corp is also a flow through income tax taxation method but has some differences. As such, you should obtain a separate EIN. And since it is a separate entity, you do need a separate EIN, even though income will go on your personal return.
Because of this, and because you will want to maintain the limited liability protection conferred by a corporation, you should open a new account in the name of the corporation.
I believe I have answered your question. However, it's possible I misunderstood your question and didn't provide an adequate answer or failed to fully address your question. If that's the case, please let me know you need clarification. Otherwise, please click the green "accept" button.
If you later open a new question and would like my assistance, please begin the question with "To TMcJD...." This will ensure that only I answer the question.
No, you just won't use the EIN for the sole proprietorship. No need to cancel it.
The DBA account should be closed.
Your accept would be appreciated.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).