Partnership conversion to Corporation

[ConnorandCo]

Good afternoon, we have a LLC taxed as a partnership that is wanting to convert to a corporation. If we do this, will the new company need a new EIN? As an example: ABC LLC is converting to ABC Inc. The former was taxes as a partnership. A statutory converstion is the plan of action, I just wasn't sure if the new company would be required to get a new EIN

[BHoffman]

Good afternoon, we have a LLC taxed as a partnership that is wanting to convert to a corporation. If we do this, will the new company need a new EIN? As an example: ABC LLC is converting to ABC Inc. The former was taxes as a partnership. A statutory converstion is the plan of action, I just wasn't sure if the new company would be required to get a new EIN

From your description, the answer would be YES. ABC, LLC would cease to exist and ABC, Inc. would be a new entity. The answer would be different if ABC, LLC simply wanted to elect to be taxed as a corporation.

[kathyc2]

Good afternoon, we have a LLC taxed as a partnership that is wanting to convert to a corporation. If we do this, will the new company need a new EIN? As an example: ABC LLC is converting to ABC Inc. The former was taxes as a partnership. A statutory converstion is the plan of action, I just wasn't sure if the new company would be required to get a new EIN

Depends on what they are doing. When you say Abc, Inc. that would mean that they are forming a new company as a corporation under state law. In that case, yes, a new EIN.

If instead they are not changing the legal structure but only the tax structure no new EIN. In that case the legal name is still ABC LLC, but they have made and filed the election to be taxed as a C or S corp.

[BHoffman]

If you are doing a true statutory conversion, then see Rev. Rul. 2004-59.