Legal Question in Business Law in New Jersey

Re: form a single owner llc over an existing sole proprietership

An LLC is taxed like a partnership, so you do not need a new federal EIN number, but it is a good idea to obtain one (otherwise you would continue to use your social security number). If you do receive a new one, you would need to send it to whatever agencies you are registered with who are currently using your social security number.

Re: form a single owner llc over an existing sole proprietership

The LLC will be a separate legal entity and should have its own EIN. To do otherwise can put some chinks in your armor with regard to personal liability.

As to the State, it is the business that is registered, not the EIN. Since the business entity is new, the Treasurer will want a new registration. Fortunately, that is not difficult and it will impose no new requirements on the business.

See also: http://info.corbettlaw.net/lawguru.htm

Re: form a single owner llc over an existing sole proprietership

I suggest you obtain a new TIN for the new LLC. Technically, you only need the TIN if you have employees as the TIN is the number you use to report wages, pay employment taxes and file employment returns. As a one-man LLC, you need not file a separate LLC return (Form 1065) but merely file Schedule "C" to your personal return. You show both your SS# and the TIN. As stated, you need a separate TIN is you have employees. Since the LLC is a separate entity, you need to re-register with the State. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attoney-client relationship.