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Forming an LLC as a Teenage or Minor

Forming an LLC as a Minor: Teenage Dream or Legal Reality? LLC Let's understand the rules and regulations surrounding minors forming and owning their own LLC (limited liability company). Teen Business Snapshot - Entrepreneurship Is Ageless 41% of teens prefer entrepreneurship as a career choice. 72% of high school students and 64% of college students want to start a business someday. 69% of teens say they have a business idea but are unsure of how to start. The number of teenagers starting businesses has increased 8x since 2009. The most popular form of legal business entity for teens is an LLC. How Does an LLC Benefit a Teen Entrepreneur? Protects you from personal liability 1 for business losses or debts 2 Establishes credibility and trust Easier to secure suppliers and get funding 4 Possible additional tax benefits Is It Legal? Are Teens Allowed to Own a Business? Rules for minors forming an LLC as an organizer (the person who files the paperwork) vary by state. Check with your Secretary of State or an attorney for the latest age guidelines. States That Are More "Teen-Friendly": These states don't have an age requirement for forming/ filing an LLOC. You can file for your LLC in one of these states and still run your business from your home state. O California O Delaware O Nevada O Wyoming O Ohio What Can I Do If I Live in a State That Requires Me to Be 18+ to File for an LLC? There are alternatives you can explore to forming and owning an LLC. 1 Serve as a member in an LLC Form your LLC in a teen 2 business-friendly state 3 Be a partner in an LLC incfile Tip: Incfile can guide you on whether to start an LLC and help you form your business for free - $0 + your state fee. Resources ...... :o...............,..

Forming an LLC as a Teenage or Minor

shared by kevin39 on Jan 19
Forming an LLC as a teenager or minor is not just a dream, it can be a reality for most entrepreneurial minded young people. Recent data shows that there has been an uptick in entrepreneurship overall...


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