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#3
05-13-2014, 02:49 PM
Senior Member
From Virginia
Joined in Aug 2012
2,329 posts
It really depends on how you can get the money to start the business and what the requirements are for your state.

You said you were getting a majority of the money from Parents. Where are you going to get the rest? If you are going to get a small business loan under your name then it is necessary that you have an ID and social security number (and credit history*). But for the sake of protecting your credit, you should put it under an LLC or corporation, so that whatever happens to your business then your personal stuff is protected.

There is an advantage with having an LLC/Corporation that you could probably start one undocumented (it all depends on the requirements of your state). I know that in my state, you don't need a social to start one.

There are also tax benefits with LLC or Corporations. You should look into this and do your homework before jumping in.

But if you just want to get a small business loan under your name, then that's all you need, an ID and a social.
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