Question About EIN Number

Discussion in 'Trucker Taxes and Truck Financing' started by Florida Playboy, Jul 30, 2016.

  1. floatnlikefiber

    floatnlikefiber Light Load Member

    Why was the new EIN necessary? I have an EIN now, but will be setting up the same structure...
    Was previously sole proprietor....
     
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  3. Cowpie1

    Cowpie1 Road Train Member

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  4. floatnlikefiber

    floatnlikefiber Light Load Member

  5. Cowpie1

    Cowpie1 Road Train Member

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    I did. I had one as a Sole Proprietor gig, but when I changed over to an LLC with an S Corp tax structure, I had to get a new EIN.

    EIN is a social security number for business. As my business was set up previously, it had an EIN. But that business was "closed" and became a new entity as an LLC. Just like when a person dies their SSN goes away. When a new person is born, they get a unique SSN. Business is exactly the same way. The old business "died" and my LLC was "born". Hence it needed its own EIN.
     
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