Small Business Tax Id
January 10th, 2008
Question: when selling a business to someone do they keep same tax id or apply for a new one?
I am selling a small business and was wondering if they apply for a new tax id number or do we trsansfer ours to them?
Answer: Depends on if the individual(s) are buying the entity which owns the business or if they are buying the assets of the business.
Specifically, if you own a corporation which owns a business, you may sell your interest (your shares) in the company. If the buyer is buying those shares, they are simply buying your corporation and thus will keep the same tax id (EIN#). But coupled with that, the buyers are now "burdened" with all rights and obligations of the corporation, which is not always good.
Hopefully, the buyer(s) are forming a new entity (corporation, llc, partnership) in which they are buying your business' assets and starting fresh. This "fresh start" will include applying for a New EIN#.
Best advice I can give you is to check with your accountant/CPA. Good luck!!
Aspen Insurance Holdings Reports Results for Fourth Quarter and Twelve Months of 2009
HAMILTON, Bermuda----Aspen Insurance Holdings Limited today reported a net profit after tax for 2009 of $473.9 million or an operating profit of $5.16 per diluted ordinary share and net profit after tax for the fourth quarter of 2009 of $126.3 million or an operating profit of $1.44 per diluted ordinary share.
2 President Barack Obama State of the Union 2010 - 2 of 7
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