By Giselle Ayala Mateus
If two persons are doing business as sole-proprietors, they can come together to form a new entity such an LLC. If the sole-proprietors have been in business for considerable time and they have independent licenses, intellectual property and contracts, it is important to formalize the creation of the entity with a written agreement that considers what will be contribution of each member, as well as what will happen to those licenses, intellectual assets and contracts. Additionally, the new LLC as an entity independent of its member will need a new EIN.
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