A partnership is a business with two or more owners who conduct business and are not incorporated.
Question: I am a co-owner in a partnership. The partnership has an EIN. We have now decided to form an LLC but will continue to be taxed as a partnership. Do we need a new EIN for the LLC? Answer: No, you can keep your existing EIN.
This series on choosing a business entity started last June and covered 10 parts. Here’s a listing, with links, of all the parts in this series.
There’s no magical checklist for deciding on a business entity. But here are a few considerations.
In tax terminology, the term “draw” refers to money taken out of a sole proprietorship by the proprietor, or out of a partnership by a partner.