Are you, or do you know someone, under the age of 18 who is interested in starting a business? Whether you are building the latest web app or buying and selling on eBay, young entrepreneurs face the same opportunities and challenges as their adult counterparts.
But as you might expect, there are also some tax and legal considerations to bear in mind.
Here are answers to some FAQs about starting a business as a minor (the definition of which varies by state).
1. Can a Minor Form an LLC or Corporation?
For years now I’ve thought of business planning in terms of the special case that I call a business plan event.
Deputy Under Secretary for Intellectual Property and Deputy U.S.Patent and Trademark Office (USPTO) Director Teresa Stanek Rea participated today in a panel titled, "The State of Patent Litigation: A Conversation with the Federal Circuit Court" at the University of Michigan Law School in Ann Arbor. The event included a keynote presentation by the Honorable Randall R. Rader, Chief Judge, United States Court of Appeals for the Federal Circuit.The America Invents Act (AIA) was the main topic of the panel discussion.Read More
A year ago, Vice President Biden and I visited a small manufacturer in Solon, Ohio. The company, Wrap Tite, used an SBA loan to purchase and renovate their new facility and to hire five new workers.
While on the shopfloor of that plant, we announced that 13 of the nation’s largest banks had committed to increase lending for small businesses by $20 billion over the next three years.
Launches new project to enhance weather forecasts and support for D.C, BaltimoreOn Friday, Commerce's National Oceanic and Atmospheric Administration (NOAA) announced service improvements underway at its forecast office in Sterling, Va., which provides weather forecasts and warnings and supports public safety decision-makers in the nation's capital and Baltimore.Read More
Not sure you have enough money to start a business? Before you raid your life savings or remortgage your home, you should know about some possible alternatives.
Earlier this week, SBA Administrator Karen Mills and NASA Administrator Charles Bolden held a Google+ Hangout with a small business that helped NASA land the Curiosity rover on Mars. Staff from ATA Engineering joined the Hangout to explain their role in the Mars Science Laboratory and how small businesses can expand their markets by working with the Federal government.
Acting Commerce Secretary Rebecca Blank traveled to Greensboro, North Carolina yesterday, where she discussed the Commerce Department’s initiatives to strengthen the city and the region, spurring economic development and creating jobs. Over the past few years, local officials have shared how the federal government could best help cities that were hit hard in the recession and in the years leading up to it.Read More
Life after 50 opens the door to many opportunities and new interests, and being retired or near retirement may give you the time, resources and experience that will allow you to be more passionate about these than you have ever been before. It may be time to find the answer to the “what’s next” question you’ve been pondering.
In fact, we’re seeing a growing number of people over the age of 50 – we call them encore entrepreneurs – look to small business ownership as their next big opportunity. Think of it as a great concert. What’s the best part? The encore!
When a friend or family member asks what you do to help small businesses, what do you say?
SBA assists with creating and fostering of small businesses through financial, technical, and contract assistance.
What’s your favorite thing about what the SBA does for small businesses?
SBA leverages public and private partnerships to benefit small businesses.
Is there a particular small business “success story” that comes to mind when you think about how the SBA helps people?