What Do I Do If My Business Goes Bankrupt?

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If your business goes bankrupt and you will be starting another business, you will most likely need to apply for a new Employer Identification Number (EIN). Many people wonder how to deal with bankruptcy. They don’t know if they can file for bankruptcy but still use their EIN to start a new business. In most cases they cannot.

Sole Proprietors

If sole proprietors are subject to bankruptcy proceedings, they must file a new EIN to continue to do business in a way that necessitates the use of an EIN.

Corporations

Corporations that declare bankruptcy must obtain a new EIN if they want to continue to do business as the same legal entity.

Partnership

If you have formed a partnership and the partnership declares bankruptcy, you will need to get a new EIN to continue to do business in that partnership.

How to Apply for an EIN Online

IRS-EIN makes it easy for you to apply for a new EIN online after declaring bankruptcy. After you’ve gathered all of the appropriate paperwork together, we have a simple application process for you to go through that usually takes just a few minutes.

Typically, you can have your new EIN in 1 to 2 business days, and sometimes you may get a response back in less than 24 hours. IRS-EIN isn’t a government agency. We’re a third party that facilitates the EIN application process on your behalf. We act as your agent, navigating you quickly through all of the paperwork that sometimes can be confusing.

Let IRS-EIN help you get back into business, fast, after your bankruptcy. You can even use our service to check your EIN number online, to see when you will be up and ready to start doing business again.

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