We have ABC, LLC that sold the business to XYZ Ltd Partnership. XYZ will operate ABC with this titling: XYZ, LP D/B/A ABC. The Ltd. Partnership wants to retain the existing account numbers, but have new legal name as well as new TIN. Is this possible? If so, why and if not, why not?
thanks much!

We have taken the position that with new ownership, you should not confuse the previous company history with the new. (CTR exemptions come to mind.)

Close the old accounts and open new ones with new due diligence, the whole nine yards. You'll be better off in the long run. You might offer them some services, checks, etc. to offset their inconvenience, but I would stand firm.

We had a similar instance and it caused a lot of pain and confusion on the part of the bank to allow the new company to use the existing accounts.

thanks...that was the position I was wanting to take.