EIN and LLC

[RTB]

I started my sole proprietor in March 2008 and obtained an EIN to keep my personal finances separate from the business finances.

Due to legal reasons I formed an LLC in my state. In that process I did not have to state single-member or multi-member. However, it is my intent to have my wife and I as members with her owning 51% and me owning 49%.

What options do I have regarding single-member or multi-member?

What are the tax implications?

What are the pros and cons of each?

If single-member, do I need to obtain a new EIN?

If multi-member, do I need to obtain a new EIN?

[headlessguitar]

do you have a good accountant?

[headlessguitar]

you can often find one that will only charge you for your tax perp at the end of the year which is very inexpensive, and worth all the free advice by far.

[JLeezer]

Which state do you reside in and which state is the business being formed in? Your state of residence will determine if it makes a difference to own the business individually (partially owned by you and partially owned by your wife) or jointly (you both own it 100%). As headlessguitar suggested, I would consult with a competent, reputable accountant or tax strategist.

[kimbeckers]

I think it would be best to consult with a tax attorney or tax accountant to be on the safe side here, you can also check out your states local website and the IRS website for information.

Good luck