Is there more than one type of partnership when applying for a tax ID?

7:01:00 PM

There are a few choices for partnership structure when you are applying for recognition of your new business, and they all basically revolve around the obligations and duties of the partners. These different types of partnership basically determine whether everyone is involved with managerial decisions, whether the partners are silent and a managing partner is named, or if there are multiple managing partners and some silent ones.

 

These considerations are very important when deciding how your company will run, but in the end, the IRS recognizes every kind of partnership as that, a partnership. If your partnership is not filing for an LLC, then you will need a partnership EIN, and there’s only one kind. If you do choose to incorporate into an LLC late, you will need to reapply to obtain an EIN for the reincorporated company.

 

Planning ahead when you are restructuring your company is a great way to make sure the process goes smoothly, because it allows you to select clear cutoff dates for the old business structure’s responsibility when you start up the paperwork for the new one.

 



Wait Times for Tax ID Processing

 

If you file for a new tax ID, you will probably get electronic confirmation of your EIN within a business day. Still, it can take up to a month to get your paper records, and many companies want to check EIN status during that time to see which databases the number has percolated into. That’s possible with the help or resources at IRS-EIN-Tax-ID.com like the status tracker in that link or the service’s tax ID number lookup.




Most of the time, the IRS works a little ahead of their own predicted schedule for processing. During busy times like the end of a quarter or annual tax return processing time, it can occasionally be longer. To get your EIN quickly and efficiently while enjoying a simplified application process, work with IRS EIN Tax ID Filing Service to get your new federal tax ID.

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