Will my ROBS Business take over the EIN of the business I am buying?

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ROBS 401K Business Financing FAQ: Will my ROBS Business take over the EIN of the business I am buying?

I am using ROBS 401K Business Financing to fund the asset purchase of a business from an unrelated person.   Will my new C-Corporation take over the EIN of the existing target?

RESPONSE:

The EIN of the seller is tied to the entity and is not included with the assets that are acquired as part of the sale. Practically, speaking when a business buys another business the EIN of the new business needs to be updated throughout the business operations (e.g. new bank account, new merchant account, etc.).

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About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

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