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change president on business account

New Community Member

change president on business account

We have a business account and need to replace the president. 

How is this done? Do you have to cancel the old account and start a new one?


Volunteer Advisor

Re: change president on business account

Look at your account details.  Is there a SS# associated with the account?  If so the ower of the account must have the SS#.  You cannot change the SS# of an account.

Unless this is a business account where the business is a corporation, LLC, or partnership where the reference ID is NOT a SS#, then you might be able to change.

How are taxes reported for the current account?  You can't change the way IRS reporting is done.