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3 Replies Latest reply: Sep 29, 2008 2:15 PM by Lighthouse24 RSS

Keeping old EIN & State's ID numbers on a business acquired?

airboatphil Newbie
Currently Being Moderated
I am buying the business I work for in Louisiana.....a boat repair and sales type.....it seems that on form SS4 for the EIN number that I can keep the old one if I acquired the business by buying it's stock ? I assume that since I am buying out the 2 shareholders that it's the same as buying it's stock ? Also, when it comes to incorporating in Louisiana.....I will keep the existing corp. name which should let me keep the existing state ID number as well ?

Thanks in advance,
Phil
  • Re: Keeping old EIN & State's ID numbers on a business acqui
    zookfind Newbie
    Currently Being Moderated
    for business links and information try www.zookfind.com and www.iwant2search.com
  • Re: Keeping old EIN & State's ID numbers on a business acquired?
    LUCKIEST Master
    Currently Being Moderated
    Keeping old EIN & State's ID numbers, Welcome

    First of all NEVER assume. After that everybody in business should have
    an Accountant, a Lawyer and an Insurance Agent.

    Now is the time to ask the professionals. We do have a few on this website

    Good luck, LUCKIEST
  • Re: Keeping old EIN & State's ID numbers on a business acquired?
    Lighthouse24 Master
    Currently Being Moderated
    It's important to know whether the business you are buying is a corporation now, and if so, whether you are buying just its assets, or if you are buying all of its shares of stock (there's a huge difference . . . if you're buying the stock, you will assume all of the business' liabilities, known and unknown).

    If the business is a Louisiana corporation now, if you are buying the stock, and if you are not changing that structure nor seeking a new charter from the Secretary of State, then you assume correctly -- you don't need a new EIN. However, it is more common for a new one-person owner to buy out the assets of a closely held business like this, in which case you'd apply for a new charter with the Secreatry of State, and would therefore need a new EIN.

    If the business is currently some other structure (sole proprietorship, partnership, LLC), then you'd be buying the assets only and would need to register the business, apply for a new EIN, etc. just as if you were starting the business from scratch. In either case, if you plan to operate under the current business name, be sure that the name (and completing whatever forms or filings are necessary to transfer it to you) are part of the deal.

    Hope that helps. Best wishes.

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