Too young to start a business?

[Echoed_Dawn]

What is the name of your state? Washington

I'd like to know if a 17 year old, due to be 18 by tax time, is too young, legally, to start a business. I've been thinking about starting a web design business for the past 8 months or so. I'd be working from home, and it'd be based on the internet. I may hire artists or programmers on commission - would I need an EIN?

I know minors cannot be held to contracts until the age of 18. I'm not seeking out a loan, though. I'll be making all the money to start up myself from working.

What are you thoughts? Tax advice? Thank you

 

[pcgumshoe]

Here's a good place to start:

http://wa.gov/business/index.aspx

I owned a business in Seattle, keep in mind that if you are going to have a staff, if they are not contract labor, you will need to have worker's compensation insurance in WA.

You will need to get an EIN, and that's through the IRS but you'll need a UBI (If memory serves me) in WA regardless of if you are a DBA or a Corp.

On the tax issue, I'd suggest an accountant. They've got plenty of good bookkeepers up there who work under accountants and it is worth your money (assuming you're going to be making money) to invest in a bookkeeper/accountant.