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October 9, 2009Is it possible for me to open a limited liability corporation under the advisory of my parents? (I am fourteen). I am interested in screen printing (actually I have very good training in screen printing). How will I handle payments? Will my parents taxes be raised? Thank you so much!!!
You might be able to. Find the organization S.C.O.R.E in your area. They can help. Any money will need to be filed as income. If you can’t start an llc, you can always do buisness under a different name and cash checks by writing dba after your name. Good Luck.
Horaayy..there are 3 comment(s) for me so far ;)
talk to a lawyer , I really think thats your best bet
I would imagine it depneds alot on the law where you live
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You might be able to. Find the organization S.C.O.R.E in your area. They can help. Any money will need to be filed as income. If you can’t start an llc, you can always do buisness under a different name and cash checks by writing dba after your name. Good Luck.
References :
I don’t know where you live, but usually you are not considered an adult until you reach age 18, and so you may be limited by law in terms of forming an LLC or an "S" corporation.
You should consult an attorney, or a business enterprise center operated by a public or private college, for advice in this regard. I do know that if your LLC/S corp was structured so that you were the only person entitled to the net income, then it would have no affect on your parents from a Federal or state income tax perspective. They would, however, lose the ability to claim you as a dependent on their income tax returns after you realized a certain level of income.
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