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Changing Federal Tax number

Discussion in 'Business Fundamentals' started by jbutch83, Feb 25, 2003.

  1. jbutch83

    jbutch83 Senior Member
    Messages: 227

    My partner and I started our business last year, and we have our Federal Tax number in both of our names. Due to problems in my partner's personal life, we have both decided to see what we have to do to take his name off of the federal number, and the business as well. He will work with me, just his name will not be with the business anymore. Anyone done this, and what is needed to do this.


  2. HerkFE

    HerkFE Member
    Messages: 92

    I don't believe you can change your number, however in your situation you may be able to remove his name from the business paperwork including the EID #, etc. If you had a formal partnership agreement you will first have to dissolve that and along with that you will need to file paperwork stating that you will now be the sole proprietor. With that, as long as you keep the same business name, bank account etc, I believe you can remove his name from the business.

    It is a PITA, my partner and I had to do the full paperwork drill even though we were just selling our business. The new owner then assumed the name under our agreement and the EIN was then tied to him. But we still had to let the feds and the state know that we were no longer the owners and would not be reporting under that EIN.

    But....call your lawyer or a good accountant to get a better idea of what is needed. Pay for good professional services! (It's what we always preach here right?)

    Hope this helps. Good Luck!!!