<p>Hey guys,I'm a 16 year old rising junior who would like to go to Wharton. I wanted to start my own business and register it with the IRS and etc. But they said I am not old enough I have to be 18 to be an incorporator so I was wondering how teenagers are able to make their own business. </p>
<p>So can someone please explain to me how I can make my own business? I know this doesn't pertain to the school per se but I guess this is related to business which is linked to Wharton so can someone please explain? I'm from New York by the way if that affects anything.</p>
<p>Honestly, I don’t think you need to. Starting a business as a last-ditch effort is very transparent. When I was at Penn, they stressed that accepted applicants to Wharton conveyed interest in business, but not necessarily had owned a business/interned at a finance department, etc. I think that you will be fine without starting your own business.</p>
<p>My friend and actually wanted to start one because we wanted something like it and it wasn’t offered anywhere so we thought we should just make it ourself.</p>
<p>And one that note “Convey an interest in business”, how does one convey such interest ?</p>
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<li><p>Many/most small businesses aren’t separately incorporated. People conduct the business in their own names. I’m not going to tell you that’s a super great idea, but if you (and your parents) don’t have employees or a lot of assets outside the business, and you aren’t doing something that risks harm to people, then you may not have to bother creating an entity, at least for a while.</p></li>
<li><p>Your parent(s) can create an entity for you. It should probably be a limited liability company. You can’t legally own stock or LLC interests, or enter into contracts, in your own name anyway, until you are 18 or legally emancipated. A parent can hold the business assets or interests in the business as your custodian for now, and probably has to sign off on any contracts.</p></li>
<li><p>If you are conducting business and making money, you owe taxes even if you haven’t “registered with the IRS”. In fact, if you conduct business without an entity, or with a single-member LLC, your own social security number is the appropriate tax ID number you would use. If you are hiring employees, you do need to get on the employment tax system – that’s big trouble for you if you don’t.</p></li>
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<p>@OP: usually business interest can be conveyed via essays and rec letters. Every time i’ve sat in on a Wharton info session, they stress the fact that a majority of admits never have had any formal business experience and instead showed their interest in business through essays and rec letters.</p>
<p>Thanks guys, so what I understand from JHS’s comment in your first point is that I don’t have to register my business and make it into a corp? Because I’ll only have volunteers not employees.</p>
<p>And the business that I’m conducting does not involve money…well the only money that may be involved is receiving donations from people to give to a hosp. thats all…</p>
<p>If you’re creating a new business b/c there’s a need, then go for it. But, if you’re doing this to think you’re boosting your application, skip it. In fact, if it’s the latter, the admission people can spot the ruse in a minute. </p>
<p>Yup it is my dream school too, Wharton & Harvard are my two dream schools.
And that’s what I was referring to, but I alone cannot register it as a 501(c)3 my parents would have to but since me and my friend are starting it we don’t want to make it kinda weird that one of our parents are the ones in control but it’s our business…</p>