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How old do you have to be to own a store?

Hi! I'm Ms. Lambert at the International Community School. My 4th graders have a few questions and I'd like to share your advice with them. Thanks in advance!

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Latisha’s Answer

I think it's great they are thinking about entrepreneurship at such a young age. Typically people under age 18 cannot form legal business entities, and their parents can do so on their behalf. In some states, a child may be able to be a shareholder or serve on the board of directors of the corporation.
However a business is a business and can be owned by anyone, without necessarily owning a store.

Please take a look at this website. It is a great resource for young entrepreneurs.

https://yeausa.org/

Good luck!!
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Steve’s Answer

Each state will have their own laws for you to be deemed as of Legal age to own a business. Once you satisfy that requirement you can file for a business (assumed name) permit (for your to be business) under the legal entity you have decided for yourself - Sole Proprietor, C-Corp, LLC, S-Corp, or other in your county/state. Suggest you speak to a Lawyer, Mentor and a CPA about owning a business as it's a tough period to be starting a business in light of Covid-19.


Best of luck to you!
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Paul’s Answer

Hello Ms. Lambert’s 4th grade class! It great to see that you all are interested in owning your own store at such a young age!

In the state of GA, you have to be 18 years old to to own your own business. However, a legal guardian over the age of 18 could help you buy your own store.

Good luck to all you future entrepreneurs!
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Cathy’s Answer

Great question!

From a legal standpoint, 18 is the age general to be able to get business licenses. Depending on the type of business and the state you are in, you may have to check the laws as far as who can sign a contract on their own because this could cause a bump in the road if the legal age is 19 but you're 18 and can't sign a contract, for example, to put Internet in your location.

As far as "am I ready to open my own business", I've seen many successful business owners at any age! Some of the things that will help you be successful early on will be (in my opinion, I know there are billions of things):
-Being open to feedback and criticism
-Being able to adjust and adapt to changes in the current climate (things going on in the world) while staying true to YOUR vision
-Not being afraid to use your resources and ask for help
-Learning how to think ahead (if I make this decision now, what are the short and long term effects)
-Run your business with the utmost integrity
-NEVER GIVE UP. It will be rough but if you stick with it, you will be amazed at what you will accomplish.

I'm excited to see what you all end up doing!!
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