I am 15 and I would like to create a buisness,can I legally own it with parental consent or do I have to sign authority over to another person? also,How would I go about doing taxes ect?
(If you must know I would like to be a domain name reseller)
2007-08-31 14:12:32 · 5 answers · asked by Master V 2 in Business & Finance ➔ Small Business
anyone any age can own a buisness, however the tax story gets really complex. say if it is Really succesful your parents may lose the right to claim your tax support as primary income for you. not to mention the regular buiness tax and personal tax laws. consult a local tax person for info as each state is different. ie: you can incorporate in Delaware but in many states you may need a differnt struture
2007-08-31 14:24:53 · answer #1 · answered by Carl P 7 · 0⤊ 0⤋
The legal age to start a business varies from State to State. In some states its 18. In other states its 21. Your 15 so your not even old enough to sign your own checks which is a very important factor in owning your own business. My best recommendation is hiring a co-signer for your business until you reach the legal age. Also if you can set up some type of Estate or Trust to your business so nothing is going directly to your name.
2007-08-31 14:24:30 · answer #2 · answered by tou 1 · 0⤊ 0⤋
21
2007-08-31 14:15:04 · answer #3 · answered by 27ysq 4 · 0⤊ 0⤋
Age at which a individual can enter into binding contracts or comply with different criminal acts without the consent of yet another grownup. In maximum states the criminal age, referred to as the age of majority, is eighteen years.
2016-10-17 08:36:55 · answer #4 · answered by ? 4 · 0⤊ 0⤋
At 18 your an adult and can go any adult thing except buy a hand gun (in some states its 21), buy beer and rent a car!
2007-08-31 14:20:57 · answer #5 · answered by Anonymous · 0⤊ 1⤋