Legal Question in Business Law in Tennessee

llc name change for new partner

I have had my own llc since 1999. I am taking on a new partner, new name, new logo. can i keep the ein from my existing llc and just put his name in as secretary? or should i start the process over and get a new llc, new ein, new business license, etc.? would dba be an alternative? I would like to avoid the paperwork if possible. If he and I dissolve our partnership later, I will keep my original llc and revert to my name and my son's as secretary.


Asked on 1/02/06, 11:26 am

2 Answers from Attorneys
Alan Crone Crone & McEvoy, PLC

Re: llc name change for new partner

Your concern about the EIN is just the tip of the iceburg. The scenario you present has all kinds of tax and legal ramifications. For example, if you give your new business partner an interest in your LLC you may not be able to revert back and use your it as you describe. You need to have an attorney and your tax advisor review this transaction to make sure you are not inadvertantly making costly elections or waivers.

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Answered on 1/03/06, 10:43 am
Dr. Michael A. S. Guth Tennessee Attorney at Law Assists Pro Se (without a lawyer) Parties

Employer Identification Number http://michaelguth.com/economist/irspractice.htm

The EIN is created by the IRS. You should contact the IRS and see if you can amend the name of the company that submits information returns and uses that EIN. The charter for your LLC should contain provisions that would allow certain business functions, including a name change, to be approved by a majority of the equity interests in the LLC.

http://michaelguth.com/economist/irspractice.htm

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Answered on 1/02/06, 1:17 pm


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