There are various reasons why a business goes bankrupt. It happens every day in the United States, with an average of 26,000 businesses going bankrupt each year from 2013 to 2017. This staggering number does not even include the many small businesses that just closed shop and walked away from their collapsing businesses. If you have filed for bankruptcy and are considering starting another business, you will likely require a new Employer Identification Number (EIN). IRS-EIN-Tax-ID offers an online application processing and filing service that takes the headaches out of applying.
Businesses Requiring a New EIN
In the majority of cases, businesses are unable to still use their EIN number and must apply for a new one.
Partnerships
If you have a partnership and the partnership has declared bankruptcy, in order to continue doing business in that partnership, you must apply for a new EIN.
Corporations
If your business entity is a corporation that wishes to continue to do business under that same entity, you must apply for a new EIN if the corporation declared bankruptcy.
Sole Proprietors
If you are a sole proprietor subject to bankruptcy proceedings, in order to continue doing business in a way that requires an EIN, you must apply for a new one.
Quick, Easy, and Secure
If you are starting a new business after filing bankruptcy, IRS-EIN-Tax-ID offers an easy and secure way to apply for a new EIN. Their application process is simplified to ensure accuracy and save you valuable time. First, choose the entity type for the needed EIN, such as LLC or if you need an estate EIN to choose Estate of Deceased Individual. Next, fill out the quick paperwork. Lastly, submit the application through their safe website. You will receive the EIN within one hour, or the next business day when applying on the weekend.