Getting your EIN number is an essential part of the business process. People ultimately get this number for tax filing and financial purposes for all different types of businesses. The federal government has not put an age limit on who can receive an EIN, you just have to have the required information to submit the EIN online application.
With that said, there may be some other things that have an age restriction or requirement when it comes to potential licenses and permits needed to run a successful business. For example, you cannot get a liquor license if you are under 21.
What EIN is Used For
People request a tax-ID number to legitimize their business, but once you have the tax-ID number what do you do then? With your EIN you can:
- Get permits and licenses – Many industries require that you have a permit and/or certain licenses to legally do business. Having a tax-id number allows you to apply for these permits and licenses, and get approved by the proper authorities.
- Open accounts – In business, you want to keep your personal money and your business money separate. Many business owners open corporate or business banking accounts and credit cards so they can keep an accurate record of their business financial dealings.
- File taxes – At the end of the day, your IRS-EIN-Tax-ID is so you can pay the federal government taxes on the income garnered from your business. Your tax-ID number allows you to file separate taxes from your personal income taxes because personal incomes and businesses tax structures are completely different.
Anybody who wants to start a business can regardless of the age, but there might be some steps that require adult permission or agreement. Whether you are a young child or an elder person who is still young at heart, using this online EIN service can help you.