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Changing from Sole proprietorship to LLC
Answer by Randy Carey, BOL Guru
Guru Bios
Question: If a business customer changes their business name, EIN, and goes from sole proprietorship to LLC would it be best to close the current account, and open a new account with the new info or just change the current account to reflect the new information?
Answer: That is really up to individual bank procedures, but most banks require a fresh start for new entities. Since they are two totally separate entities, it would be like changing the owner of a consumer account from John Smith to Tom Jones.
First published on BankersOnline.com 2/20/06
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