QUESTION
I'm looking to start a business. Is there any age requirements?
Asked on May 04th, 2013 on Business Law - California
More details to this question:
I'm 17 and looking to start a business. I have a business plan all written out. I won't be having any employees, but I'll have quite a few independent contractors. Legally I know that there is really no age limit to have a sole proprietorship, as long as you use your own name, although I don't want to use my own name or my own social security number when issuing 1099's. I know I have to be 18 to be legally binded to a contact, but are fictitious business names and EINs binding contracts? Although the answer will most likely be yes, is there any other options for me, besides having my parents sign all the papers?
1 ANSWER
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You should just start to file your documents and see if anyone bounces them
Start with your dba. Then get a tax ID number for the FEIN. Neither is a "contract". They are registrations required under administrative regulations.
For your business team, you must have a CPA, even though you do your bookeeping yourself on off the shelf software. Having an attorney who gets to know you over time that you can turn to is generally a good idea. Finally, many businesses require or would benefit from insurance coverage. It's a team approach. Used intelligently this team becomes a cost saver, not a cost, at compliance and risk avoidance.
If you run into an obstacle, call the lawyer on your team.
Answered on May 06th, 2013 at 4:26 PM