Sleek Bookkeeping

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I need some expert input/services on whether a new EIN is required for an LLC. Below are details about the situation. Tax attorneys and CPAs providing the transfer of ownership and liability services are welcome to dm me with a quote.

The client is located in Centreville, VA. Business established in 2016 as a partnership (2 members -former spouses 50% each) LLC, classified as an S-Corp for tax purposes. 50% ownership from spouse is being transferred to the other spouse making him 100% owner. SBA loans in both spouses name.

The client needs guidance or services in removing the spouse and transferring ownership and SBA loans to him. After some research on IRS, I understand that a new EIN is required as the new LLC will be a solely owned. How will the new EIN requirement affect the business operations, historical accounting data, and licensing? I would think all licenses and registration including payroll and sales tax have to registered as a new entity. State of VA and SCC does not really care and asked for a letter indicating the change and new ownership information and an articles of amendment.

I request tax professionals, enrolled agents, and CPAs please share their expertise on this matter. I appreciate your assistance and guidance. Thank you 😊

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