Do you only need one tax id for all your businesses?

[gregdavidson]

The last time I applied for a tax id, I did so under the name of a business that I shut down. I'm in the process of starting a new company and was wondering whether or not I would have to apply for one again? If not, who would I contact to change the name of the business on my tax id to the new one that I'm starting?

[JLeezer]

For clarity sake with the IRS and your state agencies, I would advise you apply for new a new tax ID and EIN. I know that in Pennsylvania, there are forms to fill out to dissolve accounts associated with a Sales and Use Tax ID. I'm sure there are similar forms in other states.

[chrispalko]

Don't quote me on this, but logically, I would think that if you're forming a new entity, you would need a new EIN and tax ID.

After all, it's a new entity, not the previous one, you know...

[kimbeckers]

If you are forming a new business I would think that you would need to apply for a new EIN as you would be using a different name then the previous business. You should consult with a tax attorney or accountant to be sure. Did you dissolve your previous business already?

[martin.j]

I have never heard of banks issuing credit card to sole proprietorships. You need to personally guarantee the card, so it may have a business name on it, but it will still be tied to your personal credit information.

[chuff1026]

you need a new tax id
and to the sole proprietor thing
banks do give credit cards to sole props

[ilyabodner]

A true business credit card can only be issued with business credit. I put together a few lines to help explain this...


A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.


Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.



Good luck,


Ilya Bodner
Small Business Owner
Initial Underwriting Group

[terrycan]

Dear Greg

Your accountant should be able to answer your question.