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Tax and Legal implications for minors

  • 18-06-2009 6:42pm
    #1
    Joseph
    Registered Users, Registered Users 2 Posts: 1,521 ✭✭✭


    Hi,

    At the moment I run a small web developement company and most of the business I've gotten through it has been word of mouth. I'm enjoying my first business venture and am eager to try some other avenues.

    I would like to expand the web business a little by putting money into its developemtn. I'm doing some market research into it at the moment and it looks promising. The developement would require taking in money online - is there anyway I can do this? Can I use a payment processor? It's not going to be major amounts of money I reckon but it's possible that it could develop.

    My main worry is, I am 17, this is something I'm doing to get a feel for it. Enjoy myself and make some pocket money. At the moment I am making about 300 euro a month, however it is not consistant.

    What are the legal implications? I hear of many minors doing business, however miniscule it is. Will it effect any benefits? What are the laws surrounding it? If I link with the enterprise board (I have been doing so a little) will they be able to back me up as some sort of project?

    Frankly, it's very off-putting and worrying - am I allowed to do this? I have been part of the Fingal Student Enteprise Project - the project has now ended but I'm continuing on with the business. The reason I entered into the project was that I felt it the 'safest' way to enter into the business world.

    Any advise is welcome - is my best bet just getting back to the Enterprise Board and see what they say?


Comments

  • #2
    legal Forum
    Closed Accounts Posts: 1 ✭legal Forum


    a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right, and/or income. These include Federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, Federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts, and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state.
    Legal Advice Forum


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