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Thomas McJD
Thomas McJD, Attorney
Category: Business Law
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Experience:  Experienced in Corps, LLCs, Partnership, etc.
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My business was originally a sole prop. I have since incorporated

Customer Question

My business was originally a sole prop. I have since incorporated into an S Corp. Should I go and shut down my sole prop EIn number and DBA?
Submitted: 2 years ago.
Category: Business Law
Expert:  Thomas McJD replied 2 years ago.

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.

 

Customer: replied 2 years ago.
Yes, I have the EIN for the S Corp now. What I'm asking is if I should cancel the DBA and the EIN for the Sole prop.
Expert:  Thomas McJD replied 2 years ago.

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.

Thomas McJD, Attorney
Category: Business Law
Satisfied Customers: 6510
Experience: Experienced in Corps, LLCs, Partnership, etc.
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