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Change Business Structure

Change Business Structure

If you want to change your sole proprietorship to another business type, you’ll need to register your business with your state. You will need to close out business accounts and any contracts may need to be changed. Business registrations are regulated by state business divisions. Register with the IRS to apply for an updated Employer Identification Number (EIN) (you’ll need that to file your taxes and pay your employees) Register your new business structure with the state. Reapply for state licensure. Update your bank accounts and records to reflect your new business.

If you already have an Employer Identification Number (EIN), you may need to get a new one if either the organization, ownership, or if you have a change business structure. If you incorporate a sole proprietorship or form a partnership, you must get a new EIN. However, do not apply for a new EIN if:

Changes in Organization or Ownership

  • You change only the name of your business
  • A partnership or corporation declares bankruptcy
  • A corporation chooses to be taxed as an S corporation
  • You elected on Form 8832 Entity Classification Election, to change the way the entity is taxed, or
  • You change the location or add locations
  • You elect to be taxed as an S corporation.
  • Change business structure

The above list is not all-inclusive. To find out when you should not apply for a new EIN, contact Tax Preparation Pro

Note: If you are electing to be an S corporation, be sure to file Form 2553, Election by a Small Business Corporation.

Change Business Structure

If you want to change your sole proprietorship to another business type, you'll need to register your business with your state. You will need to close out business accounts and any contracts may need to be changed. Business registrations are regulated by state business divisions. Register with the IRS to apply for an updated Employer Identification Number (EIN) (you'll need that to file your taxes and pay your employees) Register your new business structure with the state. Reapply for state licensure. Update your bank accounts and records to reflect your new business.
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