Small Business

EIN Question

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.

Answers:

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).

Answer Provided by: Adam Dickreiter Adam Dickreiter

Good afternoon. I just wanted to follow-up after answering your question earlier this week.

If you found this helpful, I would really appreciate if you could leave a Google review for me (Adam Dickreiter) by following this link https://g.page/adam-dickreiter-cpa-pllc/review?gm or doing a Google search for my name.

Alternatively, you could leave a review on this website by following this link: https://cpadirectory.com/certified-public-accountants/texas/san-antonio-tx/adam-dickreiter/1061467 or searching on this website under Find an Accountant > All CPAs. I am ranked on top on this website, as I have answered many questions from the public, so it’s easy to find me.

Adam Dickreiter, CPA

Answer Provided by: Adam Dickreiter Adam Dickreiter
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