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kellycoke13 · 02-03-2005, 04:26 PM

Hello,

I am 17 years old and looking to starting a corporation in New York state. Does anyone know of the proper way of doing so?

In the company (an s corp.) I will be all positions of executive officers (I will be President & CEO). But I believe a person over the age of 18 will have to be the board of directors and the shareholders right? I am confused whether I can also be a shareholder and on the b. of d. while being 17 and not legally able to start the company.

yuppie07 · 02-09-2005, 07:03 PM

What you should probably do is go to your state's website and look-up business. Probably start-up. I don't know about New York, but in Texas you become incorporated through the state and you do have to be 18. So

- Go to your state's website
- Look under business

They should be more than happy to tell you everything you need to know. HTH

kellycoke13 · 02-09-2005, 07:31 PM

I know New York is 18 years old but my main question is how can a teenager register a corporation. The state will not tell such things.

Right now I am thinking that I should just make the Certificate of Incorporation and just send it the NY DOS under my name. They won't know anyways because corporations don't require personal information (including age) except an address (which I'm using a P.O. box to receive mail instead of my home address).

GSchubert751 · 02-09-2005, 08:41 PM

Its hard to do anything if your under 18.

kellycoke13 · 02-09-2005, 10:59 PM

Well I can sign contracts, forms, etc. on behalf of the company. There is really no difference, especially if no one knows.

Matt8355 · 02-10-2005, 09:59 AM

You probably could file papers and establish a name. I don't think you can do any type of transactions. You can always have a parent file and you hold the main positions. Another alternative is just to wait till you are 18.

mxer210 · 02-10-2005, 04:37 PM

Yes, minors are pretty restricted when it comes to legal or business documents.

There are alot of documents and things taht require you to be over 18.

Zokeseh · 02-10-2005, 05:18 PM

This is what you can do though. What you can do is have a proxy of sorts. Pay someone or have someone you are extremely close to; must be someone you trust with your life. Best bet is to have your parents do this. Have that person be the owner or sole proprioter of the business on paper but in reality they are just a close friend of yours (obviously someone who is of age), or however your business stratification is. As the slang goes, they will be your front man. Don't worry this is not illegal. After you turn eighteen years of age, you can then officially be considered owner of the business. Obviously this must be someone you trust with your life, because that person could take your business.

mxer210 · 02-10-2005, 07:16 PM

I did something similiar, but partnered with my dad. Perfectly legal aswell....

kellycoke13 · 02-10-2005, 09:55 PM

I know all about that. I did that with my Dad when I was 15 and started my first business (a sole proprietorship). But that is different, most times you are present at the county clerk's office when you officially start the business. With the corporation, I think I may be able to just send it in the mail. Like I said before, they do not ask personal information on corporations like they do with other forms of business.

I've talked with other teens who own corporations and they say you can sign contracts, etc. while under 18 because you are an officer of the company (i.e. President, CEO, Chairman, etc.). With a sole proprietorship or partnership it is different because your business is technically YOU and NOT seperate from yourself.

mxer210 · 02-11-2005, 12:03 AM

Did you ask someone on www.score.org? I asked someone about legal entities and they gave me great advice. I'm sure if you asked someone from the business structures area, they'd asnwer your question.

evolvingentrepreneur · 02-12-2005, 02:05 PM

I think that if you are a start-up with no capital raised to speak of, then you should simply start selling your product and/or service as a sole proprietor.

No reason to spend the money and effot starting up a corporation until you have some real sales built up. However, if you personally have substantial assets to protect then you may consider a corporation from a liability standpoint.

Ultimately, I would recommend spending a $100 to consult with a small business accountant.