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The world changes. People change. The people with whom you do business change. Business partners change. More specifically, members of Delaware LLCs change. Sometimes it happens early and often, an absolute necessity as the business grows and things expand.
Other times, an LLC’s membership only changes once or twice in a generation. For many LLCs, the member or members may never change. Usually, these are simply internal matters addressed within the LLC Operating Agreement. Sometimes, however, you may need to alert the IRS about changes within your LLC.
The IRS 8822B form is traditionally used when you update the information that was provided on the SS4 application when you originally applied for a Federal Tax ID Number (EIN). The IRS created and implemented the use of the Change of Address or Responsible Party Form 8822-B on January 1, 2014. It requires the 8822-B Form to be filed within 60 days of any changes to the following:
Any specific questions you may have on the 8822-B filing will be best answered by an authorized IRS representative, they can be reached either by phone at 800-829-4933 or online.
When a business owner applies for a Federal Tax ID Number for an LLC, the IRS Form SS4 requires the name, address, title and signature of the responsible party. The SS4 also requests the number of members, the number of expected employees, company’s start date and the nature of the business.
A Federal Tax ID Number (EIN) is often one of the requirements for both domestic and international business owners to open bank accounts, merchant accounts, hiring employees, paying taxes and setting up payroll and vendor accounts. In short, the EIN is the equivalent of a social security number for a business.
We suggest you consult with a tax professional for all specific tax concerns, including but not limited to tax filings, tax elections, S corporation elections, payroll, accounting, handling of profits/losses, end of year income tax returns, tax exemptions, tax deductions and what you need to do in order to expeditiously open your new business bank account or merchant account for a startup company.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.