QUESTION

Is it possible for me to get an EIN?

Asked on Dec 04th, 2013 on Business Law - New Jersey
More details to this question:
I have a small business going selling some stuff online. However, I am only 15 and I was wondering if it was possible to get an EIN in any way. I really need one ASAP as I own a LLC. P.S. Why would it be legal for a kid to own a LLC when he/she can't get a EIN?
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1 ANSWER

If you are emancipated, you can own things, regardless of your age.  You need a court order to effectuate that.  As a minor, you have certain benefits that you will lose if you operate as an LLC, since an LLC is an entity, same as a corporation.  It does not have the benefit of lack of capacity to avoid contracts, etc.   There are a whole bunch of issues that are too numerous to deal with in this forum.  You really need to sit down with a lawyer to discuss and explore what your options are.  You should also have at least one parent accompany you and participate in the discussion, as your age means you lack capacity (legally) to do anything on your own.
Answered on Dec 23rd, 2013 at 4:22 PM

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