I opened a business checking account last year using my SSN. If I get a federal EIN, can my bank update this or do I need to open a new account?
Basically, at the time I opened the checking account, I did not have a Federal EIN and did not need one as a sole proprietor.
I'm getting ready to work with some new clients and will first apply for an EIN to protect my SSN, I'm hoping US Bank can just update that information. Does anyone have experience with this?
Is there anything else I need to know about obtaining an EIN after running the business for 3 years using my personal SSN?
Also, my business checking and personal checking are both with the same bank, and I can see both accounts in my online banking portal. The advantages are in the ease of transfer of funds to and from the business, but what are the disadvantages?