6 things you should keep in mind while starting a business
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6 Things you should keep in Mind while Starting a Business PowerPoint PPT Presentation


Are you under 18 and want to start a business? Is someone you know interested in furthering their ambitions of building a business at this young age? Whether your business is e-tail or you are developing a mobile app, making a foray into the business world can be a complex process for the young ones. Every entrepreneur, young or old has to overcome the same challenges. Add to this the legal and tax implications that ones need to bear in mind. All this and more makes the process of starting a business look like a formidable task.

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6 Things you should keep in Mind while Starting a Business

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6 things you should keep in mind while starting a business

6

Things You Should keep in Mind while Starting a Business as a Minor

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6 things you should keep in mind while starting a business

6 things that you must bear in mind before you decide to register online business India!

Incorporating an LLC or Corporation

Signing the contract

Getting a loan sanctioned

Paying the taxes

Claiming a copyright

Registering a trademark

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6 things you should keep in mind while starting a business

1. Incorporating an LLC or Corporation

 While forming an LLC is possible for a minor, it has to be kept in mind that the corporate laws vary from one state to another.

As a minor who wants to register online business India you can have a parent become the authorized signer. Although you should keep in mind that the dependent is neglectful in performing the business duties, then the parent automatically becomes liable.

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6 things you should keep in mind while starting a business

2. Signing the contract

Contracts are all-essential part of business life. Although in most states a minor can sign a contract, it often happens that they are considered legally competent so there are chances of having the contract rendered void.

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6 things you should keep in mind while starting a business

3. Getting a loan sanctioned

Poor credit history, the disaffirm condition of contracts, etc., can prevent lenders from getting into a loan accord with a youth. The unavailability of credit cards for 18 or under can also act as a barrier. The best option for a minor is to borrow loans from family and friends

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6 things you should keep in mind while starting a business

4. Paying the taxes

Even though some business may be exempt from certain taxes, it is most likely that you will be required to pay a tax on your profit. Filing your own income tax rather than adding it your parent’s income return is the right step.

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6 things you should keep in mind while starting a business

5. Claiming a copyright

According to the government, minors do have the right to claim copyright but state laws may differ from place to place. If you are seriously considering to register online business India,then you can always consult a lawyer or visit the government’s official site for more information.

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6 things you should keep in mind while starting a business

6. Registering a trademark

Like most other laws, registering for a trademark is also dependent on your state law. You should only register a trademark if you are permitted to enter into legal obligations. If that’s not the case then you may have to file the trademark on the your guardian or parent’s name.

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6 things you should keep in mind while starting a business

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