HELP! I have a great business idea but I have a problem!

[Mike39]

Hey everyone, I have been coming up with business ideas for several yeas now and have run a few successful small scale businesses (under the table ), however, I have recently had an idea for a website that I feel could be the next limos.com (different market, don't worry MJ haha) but i am 16 years old and for that reason have several legal issues to deal with. Mainly, I want to limit my parents involvement specifically making sure their not financially liable for my business. Also, many businesses would refuse to sign into a contract with me as I am not 18 and am not emancipated. To clarify, my parents support me completely in my endeavors, they just don't want to risk their slowlane money on a fastlane hopeful haha. If ANYONE has worked past these problems or could offer any help on the issue at all, it would be much appreciated!

 

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[johnp]

You are always going to have legal issues to deal with. I had legal questions before I started and now I still have legal things to deal with. Look at Facebook, they always have legal issues. My point is, don't let the legal system be a barrier to entry for your idea. Just start doing it and figure it out as you do it.

I can't provide any other advice, sorry. I just wanted to throw in my 2 cents.

 

[Guest1254]

Dude I know what you mean. I am 17 years old and have been handicapped by my age in so many ways. Find a loophole. Do something illegal if you have to. Ask for forgiveness, not permission.

 

[Mike39]

@johnp Thanks for the speedy response, I am still pushing forward and designing the site and getting all the logistics of it set up, I am just very worried that I will come under legal fire from somewhere because I am not (cannot) set up this business legally and all my hard work will come to a grinding halt.

 

[Mike39]

Dude I know what you mean. I am 17 years old and have been handicapped by my age in so many ways. Find a loophole. Do something illegal if you have to. Ask for forgiveness, not permission.

I agree to a point but forgiveness can be expensive my friend

 

[RE Taipan]

Mike39,

Age might be considered an excuse...and while I do not know the exact specifics of your biz operation.....if you have an idea, set up a NV corporation and move forward doing business as a corporation. If you'd like, take a look at my postings...in one of them I laid out a corp structure set up....might be more complex than you need (you might only need one corporation or two) but it would allow you to get off the ground.

Also, keep reading the forum as there is a wealth of information contained in these postings.

...my 2 cents...best to you

 

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[Thrive]

While not being an adult does cause many problems, to me it seems that people support you and like your story better because you are young. Don't think it is as bleak as it looks.
And if you ever figure out how to form an LLC legally, let me know.

 

[CPisHere]

What kind of contracts do you need to go into? If you are just building a website, you shouldn't have any real legal issues.

 

[RE Taipan]

CParsons.

Depending on what state he lives in or the provider is in, service/material is to be provided in....contracts for non-necessities (eg., food, clothing, shelter, etc) may be viodable by a minor....for this reason, many times a business/provider, etc, will not enter into a contract with a minor as it is possible for them to void the contract/agreement after services/product has been tendered by the provider

 

[Mike39]

CParsons.

Depending on what state he lives in or the provider is in, service/material is to be provided in....contracts for non-necessities (eg., food, clothing, shelter, etc) may be viodable by a minor....for this reason, many times a business/provider, etc, will not enter into a contract with a minor as it is possible for them to void the contract/agreement after services/product has been tendered by the provider

Exactly, for my website idea to work, it would require me to contact and do business with other businesses that would require contracts and well, unless i get emancipated (NOT LIKLEY), then any business with an ounce of smarts would refuse to enter into a contract with me due to my age

 

[RE Taipan]

Mike,

..just a thought...

......have you contacted any of the providers you are considering and asked them if they would be willing to work with you?

....and if they say no, ask what would allow them to? Maybe it is something like paying forward, paying in cash, something....often times $$$ speaks volumes....and unless your short list providers are the only game in town to help, try another provider(s) till you find one that will work with you....it might take some doing, but I'm sure you'd find one of them to work with you.

 

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[PatrickP]

Mike39,

Age might be considered an excuse...and while I do not know the exact specifics of your biz operation.....if you have an idea, set up a NV corporation and move forward doing business as a corporation. If you'd like, take a look at my postings...in one of them I laid out a corp structure set up....might be more complex than you need (you might only need one corporation or two) but it would allow you to get off the ground.

Also, keep reading the forum as there is a wealth of information contained in these postings.

...my 2 cents...best to you

He is 16, how does he sign the incorporation papers and not have his parents possibly held libel?

 

[RE Taipan]

Patrick,

That is possible....and why I also offered my other approach/consideration/suggestion which is right above your post.

 

[Mike39]

Mike,

..just a thought...

......have you contacted any of the providers you are considering and asked them if they would be willing to work with you?

....and if they say no, ask what would allow them to? Maybe it is something like paying forward, paying in cash, something....often times $$$ speaks volumes....and unless your short list providers are the only game in town to help, try another provider(s) till you find one that will work with you....it might take some doing, but I'm sure you'd find one of them to work with you.

Not a bad idea, however I am working to build up more start up capital i only have about 3k of my own money to throw around, thanks for the advice!

 

[PatrickP]

Patrick,

That is possible....and why I also offered my other approach/consideration/suggestion which is right above your post.

Please show me where it is legal for a minor to sing incorporation papers and his parents not be held liable without someone else cosigning with him which his original posts says he does not want them involved.

My father is an incorporation lawyer but perhaps you know the law better than he.

I am surprised by your post as your other post above says exactly the same thing that he can't enter a contract and be held to it in many situations.

 

[RE Taipan]

Patrick,

Generally speaking, voidability refers to the option of the minor, for contracts other than for necessities, to void the contract...it does not prevent a minor and/or another party for entering into the contract. As for parental responsibility for the actions of their children, this would vary from state to ste based on the individual laws of the state as many parental responsibility responsibility statutes deal with issues such as those involving vehicles, damage to property, robbery, etc.

 

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