My husband and I want to protect our personal assets.

My husband and I opened a business as a partnership with one EIN. We want to protect our personal assets, so we're considering becoming an LLC. We will not add any partners or change our business structure.

To do so,
1) Do we need an new EIN?
2) What forms do we need to complete for the LLC designation?

Answer

If the partnership is relatively new, form a new LLC and operate the business under that new entity.

If you have significant assets in the partnership, there might be tax consequences to making the change and you should see an accountant and/or attorney.

You'll need a new EIN for your LLC. Remember, you are creating a new legal entity by forming an LLC (as opposed to a partnership, which is just a combination of partners, but no entity that is wholly separate from the partners is formed).

Legalzoom can help your form your new LLC and obtain an EIN.