Fein#

[TAX4US]

Partnership dissolved. Partner keeps running old business using same name with little variation and has no employees. Intends to stay at a sch c level. Bank is requiring a FEIN # for the new checking account. Does TP really need a new #? I suppose an argument could be made if TP contracts someone for a job and needs to issue a 1099. I think I just answered my question.

[kathyc2]

Partnership dissolved. Partner keeps running old business using same name with little variation and has no employees. Intends to stay at a sch c level. Bank is requiring a FEIN # for the new checking account. Does TP really need a new #? I suppose an argument could be made if TP contracts someone for a job and needs to issue a 1099. I think I just answered my question.

You can issue a 1099 w/ a SSN instead of an EIN, but for security purposes probably not the best idea.

[taxea]

Banks require EINs for business accounts whether or not the business needs the EIN for other purposes. The original business was dissolved so the EIN no longer applies. Did the TP open a new business account? If not he should when the business was dissolved.

[TAXNJ]

Legal

Partnership dissolved. Partner keeps running old business using same name with little variation and has no employees. Intends to stay at a sch c level. Bank is requiring a FEIN # for the new checking account. Does TP really need a new #? I suppose an argument could be made if TP contracts someone for a job and needs to issue a 1099. I think I just answered my question.

Suggest client get legal advise from a Tax Attorney.

Was business properly dissolved and liabilities addressed? If (as you state "keeps running old business using same name with little varations, same name, etc) will former partners be held accountable for current business actions?

Just some questions your client may want to get answers.