Business calling all Americans

[JesseQuinn]

so here's the deal, signed a contract to sell a business (US-based C corp) to another person, who is also not American

the transition has been smooth, dude I sold to whom I sold is this bad ass nice guy who's been a pleasure to deal with. not only do I want to sell the biz, I want to sell it to him

while very established in the industry, as alas also not an American none of the 'IRS change of EIN ownership' process is back-of-my-hand to him (nor to me, as also non-American). we're both Canadian, our equivalent of the IRS (the CRS) is night-and-day different and much more intuitive and user-friendly

the very very last step in completing this sale that started like 10 months ago is getting my EIN transferred to him, so that he can take full legal control of everything relating to the biz

in April, I mailed in my docs to the IRS (after 2 very lengthy phone calls with them) indicating the sale to a third party. there were some docs he had to send on his end and he did that as well

welp, now it's fucking November and nothing has been done

before I start banging my head against the brick wall of trying to speak to a helpful, knowledgeable person at the IRS to speak to -again- I figured no harm in asking here, since lots of peeps here own businesses located in countries other than their own

any tips on the best person to contact at the IRS, or strategies that have worked for y'all in the past to get an EIN transfer to actually be registered with the US gov?

this is getting ridiculous, we both just want this DONE already. open to any all suggestions on effective ways to accomplish this. hell, I'll take a long shot suggestion at this point

gracias in advance for reading and hope everyone's having a wicked day

[sarettah]

I have no idea, but I'll give you a bump anyway. ;p

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[Wizzo]

The IRS is full of morons, I fought with them for 10years and would call and get one answer call back and get another completely different answer. So I learned that you keep calling until one of the morons gives you the answer you need.

[JesseQuinn]

Originally Posted by sarettah

I have no idea, but I'll give you a bump anyway. ;p

.

ahem, it's proper to say excuse me when you bump into someone/thing but it's you and you're impossible of being incorrect

haven't seen ya around in forever, hope you and your amazing missus are doing amazing. miss ya both


in general, have a small handful of ideas between up here, the basement and emails to try. anyone else think of anything please take the time to post or PM

hope everyone is having a wicked day

[JesseQuinn]

Originally Posted by Wizzo

The IRS is full of morons

that has been my experience as well, I've been massively spoiled by Canada Revenue and the JTA (Jamaican version)

your experience shows me that it IS possible to get something accomplished via these clowns, congrats on finally getting what it is you wanted....even though it took more time than some marriages last

gracias to you as well, while I follow the other 'creative' ideas that's exactly what we're both gonna keep doing

cheers and well done on your own success

[plsureking]

Bruce from Adult Site Broker is probably one of the few who know how to move this along. i sent him a message to check the thread.

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[JesseQuinn]

^thx, I'll drop him a note over at xyz

[sarettah]

Originally Posted by JesseQuinn

ahem, it's proper to say excuse me when you bump into someone/thing but it's you and you're impossible of being incorrect

haven't seen ya around in forever, hope you and your amazing missus are doing amazing. miss ya both


in general, have a small handful of ideas between up here, the basement and emails to try. anyone else think of anything please take the time to post or PM

hope everyone is having a wicked day

Excuse you? There is no excuse for you. (badda bing)

I have been here and there and everywhere.



We are staying alive.




Miss talking to you too. You know my name, look up the number, ya know?



Good luck with the IRS. They are often a long and winding road.



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[Publisher Bucks]

EINs are non-transferable.

Simply sign a contract and have the new owner apply for a new EIN.

Problem solved.

You're welcome

[Publisher Bucks]

Take a look here:

https://www.irs.gov/businesses/small...need-a-new-ein

[Publisher Bucks]

Plus, taking over another persons EIN (even for a business) is RISKY AS FUCk as you take on the previous business owners tax liabilities, even if they havent been declared yet.

I'm not saying you are doing anything shady but, if someone owed taxes for the business under that EIN number, the new owner becomes wholly liable for those taxes.

Liekwise, the new owner would become liable for any other business debts that may have been accrued by the old owner.

Simply transfer the business name to a new corporation owned by the new business owner, nice, clean and simple.

As soon as the sale is complete, dissolve the old corporation, LLC, DBA, whatever...

[blackmonsters]

Originally Posted by Publisher Bucks

EINs are non-transferable.

That's what I was thinking.

[JesseQuinn]

Originally Posted by Publisher Bucks

...

Originally Posted by Publisher Bucks

...

Originally Posted by blackmonsters

That's what I was thinking

I really appreciate yalll taking the time to post in this thread so no snark intended. with respect individual EINs are not at issue here. this is about a corporate EIN. one through my C corp

those can be created/disposed/transferred at will, not meaning actual "will". hence why the new owner needs the whole thing.

in my case (and that of the new owner) we've been around the block a few times, not unfamiliar with legal frameworks for biz purposes cuz yeah...that's kinda heavy super important ish going into a venture

@PB & BM, thank for posting appreciate it



S, you have it coming...

[plsureking]

quality music thread

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[Publisher Bucks]

Originally Posted by JesseQuinn

this is about a corporate EIN. one through my C corp

Again...

https://www.upcounsel.com/transfer-ein-to-new-owner

https://www.entrepreneur.com/answer/...0name%20change.

https://www.govdocfiling.com/faq/can...n-new-owner-2/

The law changed either last year or in 2019 about this (Pretty sure it was last year).

It is not possible to do, period.

[sarettah]

Originally Posted by JesseQuinn

S, you have it coming...

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[JesseQuinn]

Originally Posted by Publisher Bucks

whole bunch of super-helpful info

can't thank you enough, you're awesome

so based on your links it looks like I need to change the C corp into an S corp. fuck you're helpful. gonna hit up the co that helped me set up the initial corp on Monday to start the change-over process. hope it doesn't take too long, but after 10 months what exactly would "long" be?


as far as tax liabilities; there are none. the two of us went over that in depth. I owe nothing to anyone, least of all to the US gov


fuck the cc companies for forcing me to inc in the US in the first place but c'est la vie


@S...PMing you my whatsapp. please hug missus for me or I'm gonna kick you




y'all are wonderful, hope everyone has a thoroughly wicked weekend

[bean-aid]

I stick with my original thought. Transfer customers to buyers MID and have them get a fresh EIN. They are given immediately online, literally no waiting time. If they are outside US it is super cheap to get an agent in Delaware to act as point of contact to incorporate and get the EIN number. A couple weeks to incorporate, immediate EIN number.

P.s. have buyer get a mid that doesn't have a 25k reserve, never heard of such ridiculousness

[sarettah]

Originally Posted by JesseQuinn

@S...PMing you my whatsapp. please hug missus for me or I'm gonna kick you

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