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I'm soon going to close a transaction with the owner of an existing single-member LLC, that will transfer 100% of the current member's interest to me, making me the sole member (owner) of the LLC.

It's unclear to me whether I need to apply for a new EIN. My attorney is unsure, and my CPA says it would make his life easier.

What I really want to know is, definitively, what is the correct thing to do is?

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    If your attorney is unsure you need a new attorney. That said, Freelancing is not the site you want for this question. You might get opinions on Law, though I doubt they are willing to run where your attorney fears to tread.
    – user16080
    Jul 29, 2017 at 1:58

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The best thing to do here would be to contact IRS and ask the experts there. It would have been nice to get the information from your attorney, but I'd guess that a CPA would have more qualified advice. Whatever you do, document your findings AND the name of the person who you speak to.

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An LLC is a seperate entity, and has nothing to do with you. The LLC's EIN will remain with the LLC.

Think of it as the Social Security number for "person". That's how all business in an LLC is conducted - as a seperate person. You are simply a manager.

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  • Single-member LLCs aren't handled the same in terms of tax status as other LLCs. I'm not certain of the accuracy of this answer given that fact.
    – Scott
    Aug 9, 2017 at 9:56
  • They are taxed as a sole proprietorship, to curtail tax evasion of the 150% tax (synical jk), but the employer status remains.
    – NPM
    Aug 11, 2017 at 2:28

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