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DrakeLAW
DrakeLAW, Attorney
Category: Business Law
Satisfied Customers: 442
Experience:  Attorney at Drake Law Firm PLC
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I have an sole priotership marketing business with one ein#,

Customer Question

I have an sole priotership marketing business with one ein#, with 3 DBA names and a bank account. If I was to one day form a llc Corp, how would I transfer my ein#, 3 DBA names, and my bank account to the newly formed llc. Would I have to get a new ein#
for the llc, because I would like to use the old one.
Submitted: 1 year ago.
Category: Business Law
Expert:  DrakeLAW replied 1 year ago.

Hello, yes, you will have to get a new EIN# ***** the newly formed LLC. Each legal entity needs its own number and it will be required by the IRS. For the bank account, you just open a new business account for the LLC and transfer the funds over to it. (The bank may let you transfer ownership of the account itself, but you will have to check with your bank). For the DBAs, if they are registered with your State's Secretary of State, you just need to update the registration to reflect that the DBAs are now used by the LLC. Hope that helps! Good luck.

Customer: replied 1 year ago.
I was wondering if I incoperate my llc in dec 2015, will I still have to file taxes in 2016, even though I have made nothing.
Expert:  DrakeLAW replied 1 year ago.

If you have no income and no expenses or any other tax deductions you want to claim then you will not need to file a 2015 tax return, unless you elect to have the LLC taxed as a corporation which I am guessing you do not want. If the LLC is taxed as a corporation, then you will need to file a return regardless.

Customer: replied 1 year ago.
Could I create the llc this year and apply for s corporation 2553 taxation next year?
Expert:  DrakeLAW replied 1 year ago.

Yes, that is not a problem. And by the way, I mean a C-corp when I say corporation. An s-corp is still a "pass-through" tax entity, so there would also not be a problem making your election in Dec.

Customer: replied 1 year ago.
Okay, so therefor if I create a s Corp or llc I wouldn't have to file taxes
Customer: replied 1 year ago.
I mean I wouldn't have to file taxes if I have no income
Expert:  DrakeLAW replied 1 year ago.

That is correct!

Expert:  DrakeLAW replied 1 year ago.

Hello, I trust you were satisfied with your answer and I am glad I could help. In order to close out this question, can you please rate the answer? Thank you and have a great day!

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