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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Acquiring a tax id and forming a partnership as minors
Expert: John Kirk, CPA
Date: 8/9/2008
Subject: Acquiring a tax id and forming a partnership as minors
Question
John Kirk,
My friend and I are earning a moderate amount of money online. While some of the businesses that pay us are able to do so without a Tax ID, we can't get to a measurable amount of our earnings because they require a tax id.
We have decided we would like to form a tax partnership. We have no previous experience in the matter, and we are both legal minors. Are we allowed to set up a partnership, and how do we get started?
Answer
You can not form a partnership because you are both minors, However you can create a Trust with yourselves as beneficiaries. An Adult must be the trustee, but you will be able to do business and have a tax ID.
Go to IRS.gov to apply for and get a Tax ID on line.
Hope this helps,
John Kirk, CPA
www.johnkirkcpa.com
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