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Would getting an EIN screw me over?

Discussion in 'Business & Tax Advice' started by Thrashingshrimp, May 4, 2009.

  1. Thrashingshrimp

    Thrashingshrimp Junior Member

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    I'm only 15, and I have my SSN readily available. However, like any sensible person, I don't want to give it to every single Afiiliate/CPA I sign up for. An EIN seems like an easy solution, but I don't want it negatively impacting me in any way for the future.

    Will getting a Sole Propietor (or whatever it is) EIN disallow me from getting one from a business I may join later in life?

    Will the IRS know that a 15 year old signed up for an EIN, or a better question, would they do anything about it? Thanks!
     
  2. innocent

    innocent Junior Member

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    An EIN won't have any negative effect on you, won't negatively impact you in the future, and finally, the IRS doesn't care that you are 15 years old. Hope that covers it!
     
  3. Thrashingshrimp

    Thrashingshrimp Junior Member

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    Thanks a lot. Now my only issue is filing for taxes next year. I wonder how I'm going to manage that?
     
  4. uma4guma

    uma4guma Newbie Premium Member

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  5. l0cke

    l0cke Regular Member

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    ...From a business? dude, people are only able to get the 1 EIN for every business they own. 1 EIN even if 3 businesses. Getting an ein won't limit you from filing your taxes with an EIN /from/ a business, that's _their_ owner's EIN. There isn't a limit on how many businesses you can run with an EIN and yea, you'll probably keep it, maybe for life unless they change the system or unless someone steals it or if you have a really good reason the IRS will review a petition to change it.
     
  6. gurujh

    gurujh Registered Member

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    Just a friendly suggestion. Don't do anything as a sole proprietor. Setup some kind of entity that will give you some sort of protection. As a sole proprietor, you have absolutely NO protection. Your choices are many, but look into them and I am sure you will find one that will suite your well.

    The one that every business seems to enjoy (as much as myself) are LLC's. That stand for Limited Liability Company. Look it up. I like this one the best so far. Less hassle, less paperwork, good protection.
     
  7. plunge

    plunge BANNED BANNED

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    He's 15. He has no assets, and he's underage. He doesn't need an LLC.

    Note to the OP, I'm not knocking your age- just saying incorporating is wasteful because in your position you won't get any of its' protections. If you start making bank go see a lawyer. :)