Under 18's starting a business?

IDencI

I have an idea for an internet based business, however I am under 18. I have a few questions.

Is it possible for a minor to start a business?
What legal procedures will I need to go through?
How does one go about starting a business?
Do i need a license?
Can i receive income (From Adsence etc.) without having a business registered?
Im also assuming i'd want it to be a LLC registered business?
Thanks!

Mrs OBumble

> Is it possible for a minor to start a business?
Yes, happens all the time.


> What legal procedures will I need to go through?
> How does one go about starting a business?
I'm not the person to answer these.

> Do i need a license?
Not for a business in general. But there are some specific types of business that do need licenses.


> Can i receive income (From Adsence etc.) without having a business registered?
From AdSense, yes. Lots of sole traders (from a tax perspective) do. But I cannot remember if there is an age limit for Adsense signups. And you need to have your website established before you apply for AdSense.


> Im also assuming i'd want it to be a LLC registered business?
Why - do you have a lot of assets that you need to protect?
The only reason I can think of is if you need a .ie domain.

IDencI

Mrs OBumble wrote: »

> Is it possible for a minor to start a business?
Yes, happens all the time.


> What legal procedures will I need to go through?
> How does one go about starting a business?
I'm not the person to answer these.

> Do i need a license?
Not for a business in general. But there are some specific types of business that do need licenses.


> Can i receive income (From Adsence etc.) without having a business registered?
From AdSense, yes. Lots of sole traders (from a tax perspective) do. But I cannot remember if there is an age limit for Adsense signups. And you need to have your website established before you apply for AdSense.


> Im also assuming i'd want it to be a LLC registered business?
Why - do you have a lot of assets that you need to protect?
The only reason I can think of is if you need a .ie domain.

I was under the impression that with an LLC registered business, you couldn't lose more than you put into the business?

Will I need to declare taxes etc. since I am under 18?

NotaSheep

Whether you need a limited company, depends on level of risk - but yes it would mean that you do not have to vouch with your personal assets if the business goes south - NB banks will still look for a personal guarantee for any business loan so you (or your parents as may be the case) would not be off the hook there. There is a bit of a higher cost associated with a limited company as opposed to sole trader (set-up, accounts etc). If you register limited company then the company - an independent legal entity pays the taxes in any event. As for you personally, just note that you cannot be a company director if not over 18. I am not aware of income tax situation for under 18s.

Axwell

Mrs OBumble wrote: »

> Im also assuming i'd want it to be a LLC registered business?
Why - do you have a lot of assets that you need to protect?
The only reason I can think of is if you need a .ie domain.

This has nothing to do with a .ie domain - if you want a .ie domain you can just register a business name and use the RBN to register the domain.

ImDave

Not sure about the taxation side of things, but you do need to be 18 or older to register a business name or incorporate a company. At least that used to be the case when registering a business name, may have changed. You definitely have to be over 18 to incorporate a company.

If you need to register a business name for the purposes of a .ie domain, just get a family member to register it for you.

Mrs OBumble

Being under 18 makes no difference for tax: if you have income, you have a tax-liability.


Sounds unfair .. until you think what parents with cash would loan to their children do if there was a kiddie exemption.