USA Transferring over a business - BEST way to do it???

[grindhouse]

I am splitting from my partners in a Paintless Dent Repair business after only 5 months. They are willing to let me take over the business name and everything that goes with it - except they want us to get our own business accounts and have their name off of it entirely. You see, we were in a rush to get it started and business was coming in so it all got put under one name.

We used one bank account (which went negative several times throughout our tenure) and we are unsure about how we are going to split the taxes among ourselves. I was my friend, his gf and then myself and my gf - total of four people involved but all under one person (his gf).

My questions are: 1.What is the best way to transfer everything? I was thinking I would use the name, website, etc an just start as a new business. What steps do I need to take.
2. Since Auto Insurance companies (Progressive, State Farm, etc) write us the checks they are constantly sending our checks to the address associated to our EIN which is normally not the state that we are doing business in currently. Since we travel from state to state how do I have our EIN either not have an address associated to it or what is the easiest and best way to update it frequently?
3. As far as taxes go - we did all the transactions in one business bank account. Later we found out we should have done cash withdrawals to keep personal and business separate. They are wanting to go to their tax accountant to figure everything out. Shouldn't I just have them 1099 me at the end of the year since my name is not on the account at all? Is there a better way to figure out the taxes - any pros/cons?

I appreciate any help or someone to lead me in the right direction. Thanks.

 

[smallbushelp]

1. What type of entity was the business and do you have good accounting records?
2. Options a) Have one main PO box that will forward mail to wherever you are; b) Have the insurance companies pay you via EFT (electronic funds transfer), also known as direct deposit; c) Update your W9 with the insurance companies each time you change your address
3. You probably should consult with a qualified accountant. A 1099 won't do the trick. It sounds like you need to organize your accounting records so that the partnership can be dissolved correctly and you can get started with your new business.

 

[grindhouse]

1. The entity originally was LLC.
2. Yea I should definitely get a PO Box. Only the major insurance companies do direct deposit but will definitely do that now that we are on our own (our last partners had a problem with that). I wonder if the W9 addresses change would be allowed with the insurance companies. What is the process involved in changing the W9 and how long does it take usually to changeover?
3. Okay, I'll look into that

 

[smallbushelp]

You can download a W9 form from the IRS website. When you send it to your customer, they should verify and update their records right away. But I guess it could take them a few days to process it through their system.