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10 Replies Last post: Nov 25, 2008 11:58 PM by intechspecial

Do we need a new EIN?

Jan 1, 2009 7:25 PM

Click to view Vandz14's profile Start-up Vandz14 1 posts since
Jan 1, 2009
Hello everyone,

I have a question about EIN. My husband and his friend have an LLC and have EIN for that LLC. Both are 50:50 members. My husband and his friend (same friend who is member in LLC) also have 50:50 partnership. We don't have a separate EIN for the partnership. My question is, do we need a new EIN for the partnership?

Thanks in advance,
Vandana
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: Do we need a new EIN? Jan 1, 2009 9:21 PM
in response to: Vandz14
Do we need a new EIN??, Welcome Vandana

Everybody in business should have an Accountant. Do you have one??

An LLC must have an EIN number. A partnership is subject to relatively little regulation and might not need the EIN number. A formal partnership should have the EIN number for tax purposes.

Ask your Accountant, LUCKIEST
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Click to view RelyAcctg's profile Professional RelyAcctg 5 posts since
Jan 2, 2009
2. Re: Do we need a new EIN? Jan 2, 2009 12:38 AM
in response to: Vandz14
An EIN (Employer Indentification Number) is required if you are an employer. However, even if you do not have employees, you will still need a tax ID number for your business entity. Since it is an LLC and is its own entity, as opposed to a sole proprietorship or ordinary partnership, it will need its own tax ID number other than one of your personal social security numbers. So, yes, you do need one. You should be able to go to the IRS website (www.irs.gov) and download the form there. You may fill it out on your computer and then print it out for mailing. There should be no charge for this and it should be very simple.
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Click to view RelyAcctg's profile Professional RelyAcctg 5 posts since
Jan 2, 2009
3. Re: Do we need a new EIN? Jan 2, 2009 12:51 AM
in response to: Vandz14
Also, your partnership will need to file a K-1 for each partner. This document is to divide up the income and expenses between the partners for tax reporting purposes. Luckiest is right, you do need an accountant to manage these processes for you.
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