Skip to main content
October 6, 2024
Question

We incorporated and changed from LLC to INC. Do we need a new QBO account?

  • October 6, 2024
  • 2 replies
  • 0 views
Original commenter did not share additional details

2 replies

October 6, 2024

Yes, you need to sign up for a new account to be fully switched to INC, @bbvhgn. Let me help you sort this out.

 

When switching from an LLC to a Corporation (INC), it's usually best to set up a new QuickBooks Online account for compliance with corporate legal and tax rules. Remember, QuickBooks permits one company file per EIN.

 

Each company you create needs a separate subscription, but can be accessed with the same login. This allows you to switch between companies easily for more efficient management.

 

Here's how:

 

  1. Visit the QuickBooks Online website and select the Buy Now and Save 50% button or select the Sign Up for Free option for a trial account.
  2. Choose the QBO subscription level that fits your business needs and select the "Buy Now" button. 
  3. Follow the prompts to complete the purchase and create your account.
  4. Click Yes, that's correct if you wish to have universal log-in credentials. Or you can select Sign in with a different ID or Create a new account if you wish otherwise.
  5. Enter your billing information. Make sure to put a checkmark in the option saying I have read and agree to the terms above.
  6. Click Get started.


Here's an article you can read to learn more about creating a new company: Create or Add Another QuickBooks Online Company.  


Once done, you can now be ready to set up your account. I'm adding this link as your guide: Get started and adjust settings after you sign up for QuickBooks Online.

 

Now that you have multiple companies, you’ll be asked which company you want to open whenever you Sign in to QuickBooks Online. To switch between companies at any time, select the Gear icon and select Switch company.


 Also, I'm adding these articles about updating business information in QuickBooks:

 

 

Should you have any questions or need further assistance about changing business from LLC to INC, just tag my name, and I'll get back to provide the information you need. Have a great day!

Rainflurry
October 6, 2024

@bbvhgn 

 

You don't "need" a new account.  If you incorporated, you presumably have a CPA/tax accountant.  They can help you with the changes (if any) that need to be made to the equity section of your balance sheet.