Do we need to submit an Entity Change to Quickbooks if we change from Sole proprietorship to LLC, or can we just edit the EIN and bank accounts in QBO?
My husband and I have a sole proprietorship. We recently decided we wanted to operate as an LLC, so we had to create a new business with a new name, get a new EIN, a new contractors license and new bank accounts, etc. On January 1, we want to discontinue the sole proprietorship and start operating as the LLC, though nothing else will change in our business operations. Can we just edit the EIN in QB settings and start using our new bank accounts at the first of the year, or do we need to submit this Intuit Entity Change Packet? Thank you!
You will need to submit the Entity Change Packet if you're subscribed to Intuit Full Service Payroll or QuickBooks Online Full Service Payroll. You can download and fill out the from from here: Entity Change Packet.
Then, send the completed form, along with any supporting documents via email or fax. You can email them to EntityChanges@intuit.com, or fax to 877.471.2801. Here's an article for more details: Entity Change Process For IFSP/QBFSP.