change in proprietorship of firm after the demise proprietor

Meenakshi Upadhyay (Querist) 19 September 2016 This query is : Resolved
proprietor of a firm dies. his son wants to take over the firm. now TIN no. remains the same or changes with change in proprietor.

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Ms.Usha Kapoor (Expert) 20 September 2016
Dear Client,
though you may have the assets of a deceased sole proprietor that allow you to continue the business, your business is actually a new enterprise. As the new owner, you must operate the business under your name and personal responsibility, if you want to continue operating as a sole proprietorship. You must change the name of record on any licenses or registrations, assume legal responsibility for any contracts that were in the prior owner’s name and report business income and expenses under your Social Security number on your personal income tax return.

Rajendra K Goyal (Expert) 20 September 2016
Discuss with your tax consultant.

Raj Kumar Makkad (Expert) 22 September 2016
There is no requirement of the registration of sole -proprietorship firm but definitely you shall have to get other licenses afresh.

Rajendra K Goyal (Expert) 27 September 2016
Get the TIN no. changed / issued in the name of new proprietor.

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