Hi. I am getting ready to purchase a practice/LLC. I am seeing/hearing conflicting information regarding the transfer of ownership. From what I've read on the IRS website, it appears as though I need to get a new EIN for the LLC which will keep the same name. The CPA and attorney for the person who currently owns the practice believe that I can take over and keep the same EIN as a single owner.
You both can be right. In my opinion, the answer depends how the practice purchase/sale is structured. If you are buying the assets of the practice, then you are right, you need to get a new EIN for your LLC that is buying the practice. On the other hand, if you are buying the seller’s LLC, then you can keep the same EIN that currently belongs to the seller.
Just to let you know, if you are investing the big bucks to purchase a practice, you need to have an attorney and a CPA in your corner, to look out for your best interests. If you don’t, you could easily find yourself in a situation where you are saving a few dollars by not paying professional fees, but you could be losing much, much more because you didn’t do things right or overlooked something.
As a certified public accountant (CPA), I am available to help on a consulting basis now and an ongoing basis going forward for taxes, bookkeeping, etc.
if you found this free advice helpful, please leave me a review, either through Google (search for Adam Dickreiter or by using the following link https://g.page/adam-dickreiter-cpa-pllc/review?gm) or through this website (CPAdirectory).
Good afternoon. I just wanted to follow-up after answering your question earlier this week.
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Adam Dickreiter, CPA