Sole Prop LLC - how to change the do I need to replace mt SSN with EIN?
Hi!
opened an account as sole prop and then opened LLC (still sole prop), Trying to figure out how to change it for tax purposes. Could you please advice?
There is no LLC sope prop option, only partnership and corporations.
Thank you very much!
Sole Prop LLC - how to change the do I need to replace mt SSN with EIN?
Hi!
opened an account as sole prop and then opened LLC (still sole prop), Trying to figure out how to change it for tax purposes. Could you please advice?
There is no LLC sope prop option, only partnership and corporations.
Thank you very much!
3 yanıt
Seller_EkbLZUYSpmJEy
Amazon treats sole proprietor LLCs as an individual account.
Changing the name on the account to the LLC and the SSN to the EIN will trigger the account verification process to happen all over again including needing a utility bill in the LLC's name and possibly bank account to be in LLC's name.
Check with your tax professional to find out if the income from the Amazon account can roll into the LLC for the first year of taxes with the LLC. This would mean you wouldn't have to change Amazon until you have all of the items set up and ready for verification.
Seller_kIukTwdhvntAp
"opened an account as sole prop and then opened LLC (still sole prop)"
Pay attention to what @Seller_EkbLZUYSpmJEysaid about the tax professional situation.
Having said that, I have several sole member LLCs and for each one I use my SS number. Yes, I know that's not the best thing to do but after 20+ years I'm not going to change it.
I have had no problems doing that with multiple sites. The lone exception is Walmart where they insist on an EIN. I don't want the headache of dealing with another giant website that seems to be as screwed up as Amazon so I tell their sales reps that they won't let me in due to the sole member LLC and no EIN. The reps always say "no problem, let me check" and I never hear back. I've gone through at least three or four of them so far. My new goal is to make Walmart go broke through sales rep attrition...
Seller_SPfXC6UBTdlZ1
Hopefully I can shed some light, former IRS Federal officer here.
First off, congrats on making the big change to LLC. Second, LLC is a corporation, so it cannot be a sole-prop, or I'm assuming you're referring to single member LLC, in which case, it's still filed on your schedule C and it is usually treated under the same category as a sole-prop. Single member LLC is treated as a disregarded entity, whereas multi-member and C-corps are not. In addition, though not required, you should get a separate EIN and not use your SSN to keep your personal information separate and to maintain the corporate veil protection.
