niimae
02-01-2011, 01:31 PM
First of all, let me start by stating that today I realized I must be a complete idiot...I mean just really, utterly stupid in a way that's actually scary.
So: I've been running a web-site that earns revenue via advertisement for roughly 2 years. I though it would be a good idea to register an EIN number for a sole proprietorship yesterday (01/31/2011) using the the IRS EIN tool found on their web-site. At this point, I think I was doing completely well.
My wife was disappointed that I had founded a sole proprietorship rather than a partnership since she also helps post articles to the web-site. Having hastily skimmed two rather vague articles on partnership and (foolishly) determining that a partnership would be virtually the same thing as a proprietorship, I proceeded to use the same tool on the IRS web-site to register an EIN for a general partnership (02/01/2011) in a mad attempt to make things "right." I used "change the nature of an existing business" for the reason for registering yet another EIN number.
Immediately after the registration, I was presented with a request for a 1065 form by 04/15/211 - a kind of cold, what have you done kind of feeling crept over me and I started to search for more information on general partnership. I was then able to realize that a partnership was not only something I didn't want to form, it's something that is entirely too expensive for my small web business that just barely pays the bills at this time...I'll also add that I am fairly convinced that I haven't actually taken the proper steps to even legally be considered a partnership...and (yes there's more) under "doing business as," I took one more big step out of the short-bus and put my website name - which is not registered as a business name, nor is Sullivan & Sullivan (the partnership name I entered).
I just want this partnership nightmare I've created to go away. Do I have to go through with this? Do I need to register yet another EIN number to return to a sole proprietorship? Will I still need to file a form 1065 if I can dismantle this monster today? Please write in small sentences - because, as I stated before, I think I must be really slow today...
So: I've been running a web-site that earns revenue via advertisement for roughly 2 years. I though it would be a good idea to register an EIN number for a sole proprietorship yesterday (01/31/2011) using the the IRS EIN tool found on their web-site. At this point, I think I was doing completely well.
My wife was disappointed that I had founded a sole proprietorship rather than a partnership since she also helps post articles to the web-site. Having hastily skimmed two rather vague articles on partnership and (foolishly) determining that a partnership would be virtually the same thing as a proprietorship, I proceeded to use the same tool on the IRS web-site to register an EIN for a general partnership (02/01/2011) in a mad attempt to make things "right." I used "change the nature of an existing business" for the reason for registering yet another EIN number.
Immediately after the registration, I was presented with a request for a 1065 form by 04/15/211 - a kind of cold, what have you done kind of feeling crept over me and I started to search for more information on general partnership. I was then able to realize that a partnership was not only something I didn't want to form, it's something that is entirely too expensive for my small web business that just barely pays the bills at this time...I'll also add that I am fairly convinced that I haven't actually taken the proper steps to even legally be considered a partnership...and (yes there's more) under "doing business as," I took one more big step out of the short-bus and put my website name - which is not registered as a business name, nor is Sullivan & Sullivan (the partnership name I entered).
I just want this partnership nightmare I've created to go away. Do I have to go through with this? Do I need to register yet another EIN number to return to a sole proprietorship? Will I still need to file a form 1065 if I can dismantle this monster today? Please write in small sentences - because, as I stated before, I think I must be really slow today...