From testing your idea to getting a free EIN, choosing LLC or sole proprietorship, taxes and where to get free advice. Includes side-income ideas for young people and the scams that target new owners.
Checked against official pages October 2026
1. The steps
You do not need to do every step on day one. Most young people start by testing the idea and earning a little. Open a step for the details.
Never pay for an EIN. The IRS gives them out free at irs.gov. Sites that charge a fee are not the IRS.
2. Sole proprietorship, LLC or corporation?
Most first businesses start as a sole proprietorship and move to an LLC later. A free adviser at SCORE or an SBDC can help you choose.
3. Your state
An LLC is created with your state, so the fee and yearly report depend on where you form it. Pick your state.
Fees change often. The amounts here were read from official state pages in October 2026 for the states marked Checked. Always confirm the fee on the state's own page before you file.
4. Side-income ideas for young people
Easy ways to start earning. Check your age, your state's rules and ask a parent or guardian first.
Taxes on side income. The IRS says you usually must pay self-employment tax if your net earnings from self-employment are $400 or more in a year.
5. Scams that target new business owners
New owners get fake letters, calls and websites. Slow down before you pay anyone.