Starting A Business At 17

[StavroulaG]

Hello,

I am turning 17 this year, and I am looking into starting my own business. The trouble is, I have read a few websites and heard from a few people that you are not legally able to start your own business, that you own fully, at the age of 17. So my first question is, is this true? Secondly, if I were to start a online business, would there be a age restriction? I have also read articles where there are the young entrepreneurs who started their businesses at the ages of 10, 12 and 14. How is that possible? Thanks.

[MissieK]

Check with your state, each has rules that vary slightly. You may need to get a parent or guardian to co own the business until you turn 18.

Melissa

[KarenC]

Hi, there is a good website for young people at
http://www.youngentrepreneurs.net.au/

And this page http://www.youngentrepreneurs.net.au...ss-start-guide quotes 'in no time you will be looking after customers like the other 50,000 15 – 24 year old young Aussies out there currently running their own business.'

My advice is to also make sure you have a good accountant with whom you can discuss any concerns you have and who will do your tax returns etc

Congratulations on having the foresight to begin while you are young. - Karen

[Burgo]

Good on you, and stick around so that we can learn from you.

I cant see why you cant register your business name, get a domain name and set up a website, open a bank account, but JUST to be on the safe side, have a talk with your friendly accountant and he will guide you through the legal steps.

I honestly cant see any obvious problems

[BB]

Well done for wanting to get started so early!

If you need to borrow money for this venture, you will find that you are unable to sign any legal documents for this until you are 18 years of age. You would have to have an 'adult' as a guarantor for any loans that you might apply for from the banks.

Also, until you are 18 you are unable to enter into a legally binding contract without a guarantor / trustee.

A good accountant will help you with your tax obligations, a solicitor will give you legal advice.

Don't be deterred, and never give up your dream!

Cheers,

B.B.

[sam_leader]

Hello and welcome to the Flying Solo forums,

I can recommend the Young Entrepreneurs site which has great resources for younger soloists.

All the very best with your venture.

Sam

[Publishing428]

Good on you for knowing what you want to do so early in your life.

I worked in a boring government job for a long time before realising what I really wanted to do with my life. I hate thinking about how much time I wasted there.

Good luck with everything. I am looking forward to hearing all about your business.

Regards,

Lynda

[relentless]

Good for you StavroulaG!

The thing is any business takes a lot of time and work setting up, so why not start on all the things you can do now, once you turn 18 (which will come quickly) then you'll be ready to go 'legally'

[martinprint.com.au]

Hey StavroulaG,
Go for it! Don't let anybody stand in your way. I started at 15 and didnt have any problems except for lack of experience and failing at my first few ventures but then that was my business education

Obviously as said before, you probably can't borrow money and things like that but you are better off not doing that anyway, until you have a good idea of what you are doing.

What business are you going into?

[Renee Barber]

I think it's fantastic that you're so motivated at such an early age and I'd also like to know what sort of business you're going to be starting.

It was an excellent suggestion to use the time until you're 18 to start getting your ducks in a row: business and marketing plans, business branding (starting with a great logo), website ideas, ABN (assuming there's no age restriction on that), etc. That way, when you turn 18, you can hit the ground running.

Good luck!