InovasiOnline.com - Young Entrepreneur Help?

Young Entrepreneur Help?

I am interested in starting my own clothing company, mainly T-shirts, and selling them online. Keep in mind I am 14, 15 in June. Anyways, I read that I can not legally start my own business, and that if I did the IRS would take my profits. I was wondering if that is true. I am gonna have my Dad sign for everything I can't sign for so I was wondering if the excluded me. I heard that the 17 year old girl who created whateverlife.com, which is a website for girls to get Myspace layouts became a millionaire, and she did something wrong and the feds took it all away. Is this true? if so what do I have to do to protect myself?

Public Comments

See a lawyer ! ! ! Greedy bureaucrats and politicians will strip you naked with not even one T-shirt left on your back. Guaranteed!!
I would suggest doing everything through a parent but making sure they know the liability. Don't trust everything you read. Call a local tax commission and find their rules. Search the IRS website as well. Call if needed to find out all the rules and regulations.
You CAN start up your own business as a teen. The only time the IRS will take money is when it's owed to them so it's important to learn about accounting and taxes, hire an accountant, insure your business, and get legal advice. BUT... all of those services are tax deductible. There is a group called Junior Achievements that can help you out big time. See the link below. Also, your library will have a number... a big number... of books especially for your age group. One title is "Fast Cash for Kids" by Bonnie & Noel Drew. Check them out (pardon the pun). You will always hear of horror stories especially from jealous friends but the only way to make money is to set your goals and work to achieve them. You won't be an overnight success (but you could be) but every day you will learn something new. Alot of home based small businesses are now corporations... Coca Cola, Ebay, Dell Computers, Microsoft, Apple, etc. Don't wait for your ship to come in ... Swim out to meet it!!!