@red259 wrote:
@Revelate wrote:
@CreditUnionFan wrote:I don't know if the law permits, but you might be able to convert the existing EIN. I just opted for a new EIN, so I have one as a sole proprietor, and another one as LLC.
With two EINs, I picked up two Chase Ink cards, earning 50k points on each.
If you're not paying any annual registration fees for the sole proprietor, you can always hold on to it. A colleague of mine formed a corporation and then had to dismantle it because he had forgotten about the annual fees.
I wanted new one anyway and maybe I could've done that as a single member LLC (though not positive) but I think the usual partnership type would've mandated it... also I may convert to corporate taxation structure later and it's hard enough to defend that to the IRS without muddying the waters with an old EIN used for a sole propietorship a while back... more recently just went SSN; different legal entity in this case and I'm also not converting everything into the new LLC as I have small income from soccer refereeing which really isn't applicable to anything else but sole proprietorship unless I really want to muddy things... though reading the California LL-1 certainly allows for it:
"The purpose of the limited liability company is to engage in any lawful act or activity for which a limited liability company may be organized under the California Revised Uniform Limited Liability Company Act."
Am thinking Chase will underwrite a second Ink as they're sending me pre-approvals for CSP, but will have to see on that.
Yes with an LLC you get an EIN, so you could have done that with a single member LLC.
Oh I meant recyled the old one; not sure in the traditional partner model LLC where you have to have an EIN I believe wheter I could've used my old old sole proprietorship one; think could've used old one single member but not certain.
Anyway I'm absolutely filing a SS-4 for my single-member LLC once California finishes their side of the paperwork. Since I may be chicken dancing shortly anyway if the LLC actually makes any money, would want to convert it to corporate taxation and there a seperate EIN would be mandatory... and rewriting all the crap and changing bank accounts would be way too irritating to go through 
. Better to just do it from the get go, filling IRS forms out with no shame, finally haha.
@Revelate wrote:
@red259 wrote:
@Revelate wrote:
@CreditUnionFan wrote:I don't know if the law permits, but you might be able to convert the existing EIN. I just opted for a new EIN, so I have one as a sole proprietor, and another one as LLC.
With two EINs, I picked up two Chase Ink cards, earning 50k points on each.
If you're not paying any annual registration fees for the sole proprietor, you can always hold on to it. A colleague of mine formed a corporation and then had to dismantle it because he had forgotten about the annual fees.
I wanted new one anyway and maybe I could've done that as a single member LLC (though not positive) but I think the usual partnership type would've mandated it... also I may convert to corporate taxation structure later and it's hard enough to defend that to the IRS without muddying the waters with an old EIN used for a sole propietorship a while back... more recently just went SSN; different legal entity in this case and I'm also not converting everything into the new LLC as I have small income from soccer refereeing which really isn't applicable to anything else but sole proprietorship unless I really want to muddy things... though reading the California LL-1 certainly allows for it:
"The purpose of the limited liability company is to engage in any lawful act or activity for which a limited liability company may be organized under the California Revised Uniform Limited Liability Company Act."
Am thinking Chase will underwrite a second Ink as they're sending me pre-approvals for CSP, but will have to see on that.
Yes with an LLC you get an EIN, so you could have done that with a single member LLC.
Oh I meant recyled the old one; not sure in the traditional partner model LLC where you have to have an EIN I believe wheter I could've used my old old sole proprietorship one; think could've used old one single member but not certain.
Anyway I'm absolutely filing a SS-4 for my single-member LLC once California finishes their side of the paperwork. Since I may be chicken dancing shortly anyway if the LLC actually makes any money, would want to convert it to corporate taxation and there a seperate EIN would be mandatory... and rewriting all the crap and changing bank accounts would be way too irritating to go through
I'm not really following what you are thinking about doing when you mention converting your LLC to corporate taxation? You want to change your business entity from LLC to Inc? Or you just do not want to have taxes pass through the entity to you as an individual?
;
@red259 wrote:
@Revelate wrote:
@red259 wrote:
@Revelate wrote:
@CreditUnionFan wrote:I don't know if the law permits, but you might be able to convert the existing EIN. I just opted for a new EIN, so I have one as a sole proprietor, and another one as LLC.
With two EINs, I picked up two Chase Ink cards, earning 50k points on each.
If you're not paying any annual registration fees for the sole proprietor, you can always hold on to it. A colleague of mine formed a corporation and then had to dismantle it because he had forgotten about the annual fees.
I wanted new one anyway and maybe I could've done that as a single member LLC (though not positive) but I think the usual partnership type would've mandated it... also I may convert to corporate taxation structure later and it's hard enough to defend that to the IRS without muddying the waters with an old EIN used for a sole propietorship a while back... more recently just went SSN; different legal entity in this case and I'm also not converting everything into the new LLC as I have small income from soccer refereeing which really isn't applicable to anything else but sole proprietorship unless I really want to muddy things... though reading the California LL-1 certainly allows for it:
"The purpose of the limited liability company is to engage in any lawful act or activity for which a limited liability company may be organized under the California Revised Uniform Limited Liability Company Act."
Am thinking Chase will underwrite a second Ink as they're sending me pre-approvals for CSP, but will have to see on that.
Yes with an LLC you get an EIN, so you could have done that with a single member LLC.
Oh I meant recyled the old one; not sure in the traditional partner model LLC where you have to have an EIN I believe wheter I could've used my old old sole proprietorship one; think could've used old one single member but not certain.
Anyway I'm absolutely filing a SS-4 for my single-member LLC once California finishes their side of the paperwork. Since I may be chicken dancing shortly anyway if the LLC actually makes any money, would want to convert it to corporate taxation and there a seperate EIN would be mandatory... and rewriting all the crap and changing bank accounts would be way too irritating to go through
I'm not really following what you are thinking about doing when you mention converting your LLC to corporate taxation? You want to change your business entity from LLC to Inc? Or you just do not want to have taxes pass through the entity to you as an individual?
The second; my apologies if I didn't explain it well. Chicken dancing in this case = non-trivial W2 income, and doesn't make sense to have the secondary income taxed at the same rate by filing IRS form 8832 when and if it starts making money... on the downside, no more Schedule C filing.