I read in the paper a boy set up his own company at 15. How did he do this?

Question

You have to be 18 to do most things in the first place

Answer 1

The same thing happened in my area. There was an article about 2 13 year old girls who ran their own snowball stand....but what they also mentioned was that it was located in one of the richest towns in the county and their parents were "helping them"!

Answer 2

You can start a business at any age.

The biggest problem is finance as most banks wouldn;t lend you any capital until you are 18.

However, if your parnets borrow the money for you, or they lend you the money, or you happen to be a rich 15 year old, then there's nothing stopping you.

Also, some businesses (very rare) can actually start with no money, just build it up from nothing.

It takes drive, determination, and a good head for business.

Answer 3

it depends on the Company i set up and registered my Business RDCommercials at just 14 its a web based business which needed no Capital to start off i just needed to use my brothers bank untill i was 16 , im now 19 and am running 3sites all getting a nice amount of visitors and sales each week and im currently saving to open up my own high street store so yeah you can make a company at any age and with no training or college you can learn most things yourself.

Answer 4

Yeah, as long as a legal guradian co-signs everything with him it's just like an adult setting up a business.

Answer 5

It may have been his, but he had to have a person at least 18 years old with Power of Attorney to act as his guardian (fiduciary) in the ownership of the business. You can not incorporate without an adult, if you are under 18. Corporation has to be registered with State Secretary of State, and then recorder with Recorder of Deeds.  I have served as Recorder of Deeds.

Answer 6

I would assume he had parental, or other adult, help.  Even if he had the money to start his own business with cash, no contract is legally binding if entered into with a person under the "age of consent", 18.  He might have had the idea and actually be running the business but he has to have an adult who is willing to take the legal responsibility until he reaches adulthood.

Answer 7

You have to be 18 to get loans, business bank accounts etc.

If he is self sufficiant, then there is nothing stopping him at 15.