New EIN with DBA for banned entity?

trevsimo · #1 07-01-2018

Hi,

I was wondering if anyone knew if it was possible to register for two EINs under one business entity with the IRS?

It seems like they provide options, but I keep getting an error message when I try.

My original EIN got banned. Rather than creating a new entity, I'd like to make a DBA and get a new EIN for a new store. I think that would go undetected if I'm not mistaken.

Any insight would be greatly appreciated! Thanks!

yankee · #2 07-01-2018

For US citizens: One EIN for sole proprietor ever. Nearly impossible to get that number changed seeing as it already is equivalant to a second SS number.

Unlimited amount of other entities. You no longer can have a company own another company by using the EIN in place of the SS when creating a company. That goes back more than a decade now.

If you are Canadian, I do not know the process anymore. I know you cant own an S corp or be taxed as one, but I do not know the other details anymore.

It sounds like you need to make a new company. Your account can help you choose what kind suits you best.

trevsimo · #3 07-03-2018

Thank you. I have a corporation, but was just hoping I could get a new or 2nd ein for the same entity to avoid additional fees and wait time. On the irs website they make it seem like a possibility but my online app always ends in an error (101).

Appreciate your response, I’ll likely proceed with a new entity. Sucks Elmo isn’t selling anymore. Right when I needed him.

Best,

Trevsimo

yankee · #4 07-03-2018

If you have a corp, the corp CAN own other companies but they still need to be created new because, well, they are.

**SaiJin** · #5 07-03-2018

Honestly I'd prefer to just keep each EIN to 1. Instead of having 1 umbrella company and owns multiple EINS if that's even possible.

I think it's safer this way

yankee · #6 07-05-2018

Quote:

Originally Posted by SaiJin

having 1 umbrella company and owns multiple EINS if that's even possible.

Yes it is. That is what you call a Holding Company. Rich people do this everyday for the strongest asset protection and of course to lower tax rates. Companies that are traded on the SP500 are almost always holding companies.

Example is Warren Buffet holds nearly all of his thousands of assets(companies) under one major company that is publicly traded.

When one company buys another company, it is basically the same thing.

It is quite possible and it is most safe. If it was not, the richest people and companies in the world would not be doing it.