As a teen attempting to start a company online, will I have to file a tax return?
How do I file, and do I need to file if I only make a certain amount of money in New Jersey?As a teen attempting to start a company, you have more pressing issues than whether to file a tax return (and the answer is: If you're in business, yes, you have to file, even to declare a loss).
Generally, individuals under the age of 18 are not legally able to start a business in their own name; they need parental or guardian consent, or the involvement of a parent or guardian to do so.
Make sure you and your parents sit down with an attorney and an accountant before you get started; otherwise, if your business goes under, your parents might find they're saddled with some nasty (and unanticipated) obligations.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.