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Partnership LLC to Single-Member LLC

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    Partnership LLC to Single-Member LLC

    Client is a partnership LLC with annual 1065 filing. Partners are husband (50%) and wife (50%). Client will file the final partnership tax return for 2017. As of Jan 1, 2018 husband wishes to continue the business as a single-member LLC. Is it necessary to obtain a new EIN or may the single-member LLC (Sch C), comprised of only the husband, continue using the existing partnership EIN?

    #2
    Nope

    Originally posted by Hoosier View Post
    Client is a partnership LLC with annual 1065 filing. Partners are husband (50%) and wife (50%). Client will file the final partnership tax return for 2017. As of Jan 1, 2018 husband wishes to continue the business as a single-member LLC. Is it necessary to obtain a new EIN or may the single-member LLC (Sch C), comprised of only the husband, continue using the existing partnership EIN?
    I've done this a few times, no new EIN required.

    From the IRS:
    You will not be required to obtain a new EIN if the following statements are true:
    A corporation files papers with the state to convert to an LLC and will elect via Form 8832 to be taxed as a corporation.
    ***The number of members in the LLC changes from more than one member to a single member.
    Circular 230 Disclosure:

    Don't even think about using the information in this message!

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