Changing Business Name and EIN
Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business. If you are operating a new LLC that can reuse a previous EIN, you can apply for a new EIN for banking or state tax purposes. To update EIN business address records, write a letter to the IRS, preferably on company letterhead, providing the “name and Taxpayer Identification Number of the current principal officer, general partner, grantor, owner, or trustor.
Reasons for Business Changes
As a business grows, things change. Here are some reasons a business might decide to make a change:
- Convert to a more complex structure
- Dissolve and liquidate a corporation or LLC
- Register with the IRS to update your Employer Identification Number
- Use a "Fictitious Name Statement" or "DBA" to operate another business under a different name
Changing Company Type
Get started with four steps to learn how to change business type: Research options; Consult an expert; File paperwork; Update contacts. Convert DBA to LLC to separate personal and company assets. To change a sole proprietorship, register the new business type with the state; close accounts; update contracts. Contact Stripe Support to change the WooPayments business type.
Provisions for Conversions
- Domestic corporations and LLCs can change company type or move to a new state
- Foreign company would reflect conversion filing in the domestic state
- Corporations can convert to LLCs, trusts, partnerships, unincorporated businesses
Choosing New Structure
Choosing a new structure depends on business needs. Setting up a company creates a separate legal entity, allows investment, and limits liability. Record-keeping, tax, and reporting obligations change from a sole trader to a company.
Express Entities
Contact Stripe Support for legal entity or business type changes after verification. Stripe verifies all business beneficial owners. Upload ID to fully verify the Stripe account.
Changes to Limited Company SIC Code
You can change the limited company SIC code on the annual return for any reason. There is no legal requirement to change it before. Find the SIC code for the new company on the Companies House website. The easiest change is from a sole proprietorship or partnership to a more complex structure.