> Can you own a company if you're 13?

Can you own a company if you're 13?

Posted at: 2015-07-28 
People who have no clue will tell you that it is illegal for you to own a company. It is not illegal.

However, you'll have a hard time owning a company because you are too young to be bound by a contract (with some exceptions). Nobody will sign a contract with you because you can legally say later, "I was just a kid. I didn't know what I was signing, so I can't be bound by this contract." When you're 18, you can legally be bound by a contract.

What are the exceptions. I forget the name of the case, but you can't use your age to be unjustly enriched. If you go to a tailor and ask him to make you a vest, and you promise to pay him a certain price for that vest, you have a contract. (Yes, even though you didn't sign anything. A written contract is not required.) If you call the tailor up a week later and say, "I spoke to my parents, and I realize that I didn't know what I was getting myself into", the contract can legally be rescinded. However, you cannot take delivery of the vest and then say "I'm not going to pay because I am too young to understand the contract I formed". (Why a tailor? That was actually what the original case was about.)

One of your parents (actually, it can be any adult) can be the custodian of your company, and they can engage in contracts for your benefit.

You can own a business but you will not be able to be director of a limited company

no, it's not possible, you would be taken out of business because it's illegal

No sorry, not even an ebay account. However you could probably have a lemonade stand

No. You have to be a legal adult, which means 18.

no