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TT Systems · 04-03-2008, 08:23 AM

Hi,

Me and a friend for some time now, have wanted our own business selling custom built computers over the internet, eventually moving to our own shop. However, we may have a problem. We are both 16. Will this be a problem?

We live in the UK

Thanks

Mark and Mike from TakeTwo Systems

meaghannf · 04-03-2008, 08:46 AM

I would venture to guess that this is more of a problem for a store front, rather than an internet business simply because there are a lot more regulations, at least in the US, for owning a physical property out of which to run a store, not least of which, you're going to have some trouble signing a lease to get a property at that age (you'd have to get an adult co-signer). I would image there'd be other issues as well but I think the best option would be to start the online business, develop it, along with your credibility, over the next few years, then launch a store when you have a solid foundation from your internet company.

TT Systems · 04-03-2008, 08:56 AM

That's fine. We just want to make sure we are safe and there isn't some stupid law against us setting up a business. We have no intention of getting the shop for a good few years.

Thanks

Mark

meaghannf · 04-03-2008, 09:06 AM

Well, as I said above, that was a guess and I'm not a legal expert but I can't imagine it would be a problem given the variety of people who sell products on the internet.

The only other thing to keep an eye on is insurance. If you start selling a lot of computers, or have any problems legally (someone complains your sent them a bad product, didn't send them one at all, etc), you don't want to be responsible for dealing with that on your own. Consider getting some sort of small business insurance with an adult as a co-signer if you start getting any significant amount of traffic or revenue.

TT Systems · 04-03-2008, 09:13 AM

Thanks! Will pass this on to Mike.

Mark

TT Systems

MASapparel · 04-03-2008, 10:23 AM

You can start small and set up a nice ebay shop or something of that nature. If you want to really get into it though you will need to get a tax id number so you can order parts straight from the manufactures at wholesale and then turn a better profit.

ArloA · 04-03-2008, 11:08 AM

i think it would be ok... as long as you don't register the business. selling products little by little (or in small scale) is like selling merely things and not actually "products" which doesn't need biz registration (am I right guys??). well if transactions are needed or you decided to register your business, maybe there are elders to help like parents or other relatives,they may and MUST be kind hearted to you.

i'm not an expert so my suggestion may be wrong. but i hope it may help. =)

-ArloA, 17. =)

Vanguard · 04-13-2008, 12:50 PM

Same situation, only I will need to move lots of cash pretty fast and I'm pretty sure the IRS is going to notice. How do I go about this legally in the U.S.?

Achiles-Teradali · 04-23-2008, 04:59 PM

Setting up a business at 16 should definitely be fine. Although I do not know the laws in the UK I believe that you can. Of course you probably don't have money to hire a legal adviser so just do some research online. And if it is online you should have no problem. I have been running online businesses since I was 12.

VirtualEntrepreneurship.Com

strategy · 04-23-2008, 07:16 PM

Minimum age for a Company Director in England and Wales is 16, Scotland and Ireland laws are slightly stricter but near enough the same. I'm sure you can easily register a company formation online.

GuyBBY · 04-23-2008, 07:36 PM

I would avoid listening to those who say "I think it's ok" and go with a fail safe strategy of discussing this with a lawyer or business counselor. In USA, we have an organization called SCORE (google SCORE +usa) and they provide free advice and counseling for those who need it, regarding any topic in business. If you can reach out to an organization such as that in the UK, or even get a free appointment with a lawyer, university Business Professor, anyone who has credible knowledge in this issue, that would be the best way to go.

Guy

xxlpguyxx · 05-22-2008, 04:50 PM

It really depends on what you are going to need. Are you going to have a storefront, is there a website, what will you be selling, will you need to stock inventory, other employees, etc. Everything could very well be an issue so i would recommend listening to GuyBBY because he gave some good advise on what to do next.