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I have Fed tax id for an LLC, I am handing off all ownership

Customer Question
to my partner, the fex...
I have Fed tax id for an LLC, I am handing off all ownership to my partner, the fex tax id was under my name tied to my SS# XXXXX do I need to do for tax purposes?
Submitted: 8 years ago.Category: Tax
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Answered in 17 minutes by:
12/2/2008
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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HelloCustomer

 

If you are currently operating as a partnership, and the partnership is being taken over by one of the partners and will now be operated from here on out as a single member LLC, then the remaining partner will need to obtain a new tax ID number.

 

I am giving you a link below to a section of the IRS website which explains what situations require a new tax ID number. You should refer in particular to the section for partnerships, assuming that applies.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you.

 

http://74.125.95.132/search?q=cache:CMCXF2ifZT8J:www.irs.gov/businesses/small/article/0,,id%3D98011,00.html+new+fein+llc+change&hl=en&ct=clnk&cd=1&gl=us

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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