I am selling my LLC. What form do I need to transfer the company name from my ownership to another person’s ownership? What form do I need to file to let the IRS know 1) ownership of the company has changed and 2) the EIN is either transferred or no longer used?
- Selling a Business: bizquest.com
- Initial Considerations When Selling Your Business: bizfilings.com
- Selling a Business: busiensstown.com
- Acquisition Agreements (for Sale of Business): nolo.com
Sample LLC membership/interest sale agreements:
- LLC Membership Purchase Agreements: lawmart.com
- Sample LLC Membership Unit Purchase Agreement: huskerrag.com
- Sample LLC Membership Unit Purchase Agreement: sec.gov
General business sale agreements:
- Sample Asset Sale Agreement: aoa.org
- Agreement to Sell Business: ilrg.com
- Purchase and Sale of Business Form: lawdepot.com
Links and references to sample and template documents have been provided pursuant to your request. Templates and sample documents can be very useful but businesses should exercise caution in the use of such documents. Understand that not all templates are created equal, with many being created for a narrow set of requirements. A particular template will not be warranted to cover every provision that may be required by a particular set of business circumstances. Studying the language included in various samples and templates will improve your level of understanding related to the subject of your particular agreement and may help you articulate your business objectives related to an agreement, but be aware that many, perhaps most, agreements should be prepared by your lawyer to provide greater assurance that your interests have been protected.
Without knowing all the details of your business sale, we cannot confirm that you and the buyer need to file Form 8594 with the IRS to report the sale. With an equity sale there may be no requirement to report a business ownership change to the IRS; however, whether an asset or equity sale, the seller will need to report gain or loss on the sale of the business assets or equity on the seller’s federal and state tax returns in the year of the sale.
The buyer will likely need to obtain a new EIN for the business from the IRS. You can review the EIN requirements at the following website: