Do I use my trust’s EIN for it to own a business?
I currently have a trust and I want to start a business and I want the business to be owned by the trust, do I use the trusts EIN number as the responsible party when applying for the business' EIN?
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Yes, if the Trust is going to own the business then the Trust's EIN number is the responsible party.
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I currently have a trust and I want to start a business and I want the business to be owned by the trust, do I use the trusts EIN number as the responsible party when applying for the business' EIN?
Jessica B
Thank you for choosing AskaLawyer! My name is Jessica and I am a licensed attorney that will be assisting you with your question. I am reviewing your question and will be providing a response momentarily.
Jessica B
Yes, if the Trust is going to own the business then the Trust's EIN number is the responsible party.
Thank you so much!
Jessica B
I hope I was able to help resolve your issue! If you have any other questions, feel free to ask.
I do have another question
Jessica B
Ok.
We currently have a business that was setup using our social security as the responsible party when we obtained the EIN, we would like to put that business in the Trust as well, how do we go about changing the EIN for that?
Jessica B
You do not change the EIN. The business uses the same EIN.
How do I put the business in the Trust?
Jessica B
To transfer your business into a trust, you'll need to follow a few steps.
First, you'll want to draft an assignment of interest or a similar document that transfers ownership of the business from you to the trust. This document should be signed and notarized.
Next, update any necessary business records to reflect the trust as the new owner. This might include amending your operating agreement or partnership agreement if applicable.
Finally, notify any relevant parties, such as banks or clients, about the change in ownership. It's also a good idea to consult with a lawyer to ensure everything is done correctly and legally.
Great! Thank you so much.
Jessica B
No problem.
Jessica B
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