I’m 16 and I want to start a Shopify Drop Shipping store. I’ve done countless hours of research and really excited to get started but I ran into one thing I can’t find an answer on.
When setting up payments, specifically on Shopify with stripe, whose Social Security Number(SSN) should I put? Mine or my parents, since I’m only 16. And how would that affect taxes(I don’t do taxes as I don’t have a job, but my parents do)
Morgan here from the Social Media team at Shopify.
It's awesome to hear you are interested in starting up a drop shipping business with Shopify. My 16 year old self is super jealous of your commitment and motivation! In terms of legalities, you do have to be 18 or older, as well as have a credit card to own a Shopify store. However, not to worry, if you have a parent or guardian who has agreed to sign up for you than you are good to go. You will also need to use their SSN and credit card, as all the information on file will need to match.
In terms of taxes, I recommend speaking with a local tax professional or accountant in your area about those details as every country and state is different. However, generally you do not have to pay an income tax until your company hits a certain dollar amount in revenue. This would be required of the shop owner on file at the time in which that occurs. Once you turn 18, you will be able to take over the business though! You can do a transfer right from the Shopify admin.
Lastly, here's also a really cool blog post written about some young entrepreneurs and their journey's if you need a bit of inspiration while you get started.
All the best,