Starting a business is an exciting journey, but if you’re young or helping someone who is, you might wonder about the legal age requirements. In the United States, the age at which you can start your own business depends on several factors. Let’s break it down.
1. Starting a Business as a Minor (Under 18)
If you’re under 18, you can still start a business, but there are a few things to keep in mind. Minors can’t legally sign contracts, open business bank accounts, or apply for loans without the involvement of a parent or guardian.
- How It Works: You can run a business, but you’ll need an adult to help with the legal and financial aspects. This might mean having a parent sign contracts or register the business in their name.
- Tip: If you’re serious about your business, talk to your parents or guardians about creating a legal structure, like a trust or a partnership, to help manage the business.
2. Turning 18: Full Legal Control
Once you turn 18, you are legally considered an adult in the U.S., and you can start and run a business on your own. This means you can sign contracts, apply for business licenses, and take out loans without needing anyone else’s approval.
- What You Can Do at 18:
- Register your business with the state.
- Open a business bank account.
- Apply for business licenses and permits.
- Sign contracts and legal agreements.
- Tip: Take advantage of this new legal freedom by ensuring you understand the basics of running a business, like keeping good financial records and understanding your tax obligations.
3. Special Considerations for Certain Businesses
Some types of businesses have specific age requirements regardless of your general legal status. For example, businesses that involve selling alcohol, tobacco, or firearms often have stricter age regulations, typically requiring you to be 21 or older.
- Tip: Research the specific requirements for your business type before getting started. You don’t want to run into legal trouble because of age restrictions.
4. How Parents Can Help Younger Entrepreneurs
If you’re under 18 and passionate about starting a business, don’t let your age hold you back. Many successful entrepreneurs started young. Parents and guardians can play a crucial role by helping with the legal aspects and offering guidance.
- Tip: Consider creating a joint venture where both you and a parent are involved in the business. This way, you can learn the ropes while staying within legal guidelines.
Conclusion
In the United States, the age at which you can start your own business depends largely on whether you are legally an adult. If you’re under 18, you’ll need some help from an adult to handle the legal side of things. However, once you turn 18, you have full legal control and can run your business independently. Remember to check for any additional age restrictions specific to the type of business you want to start, and always be prepared by understanding the legal responsibilities that come with running a business.
