My friend and I are starting up a small business that does computer repair and support along with web/graphic design. We do not expect to have a lot of business, more of a side job; however, we will be selling custom built computers, parts, etc. Someone told me that I needed to get a EIN (Employer Identification Number) and that I had to keep track of my income and such, I don't really mind getting one because then I would be able to get wholesale prices on parts, but I just don't know if I really need one.
Do I only need one if I plan to make over a certain amount per year? If I do get one and I do not make much money, would I end up losing money when filing taxes or could I claim it as a loss?
