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Needing advice on starting a company as a minor with other minors.

Discussion in 'General Business Forum' started by Gwolf, Mar 7, 2018.

  1. Gwolf

    Gwolf UKBF Newcomer Free Member

    4 0
    OK, so recently i began doing research into starting a buisness, i need some form of income to help me through my transition through a levels and (hopefully) university. i currently have three other people who like me are willing to work to create a product to help fund ourselves.

    my question is to whether it is neccesary to pay employees as a buisness with no money, yet, or even register as a buisness in the first place? is it possible just to publish this app and then pay my "employees" who are willing to work for nothing and looking to be paid with profits from the app at the time of release through my own accounts.

    thankyou,
     
    Posted: Mar 7, 2018 By: Gwolf Member since: Mar 7, 2018
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    13,251 2,869
    If they are willing to work in this way then yes. But you need to have a written agreement that clearly lays out the situation and that everyone agrees to it. You may find though that as you are all minors it will not actually be legally binding.

    How do you plan to market your app?
     
    Posted: Mar 7, 2018 By: Scalloway Member since: Jun 6, 2010
    #2
  3. Gwolf

    Gwolf UKBF Newcomer Free Member

    4 0
    well at the moment we are still in the planning phase,how work will be distributed, times we will be working at, accounts to transfer data and designs through ect. however we have the best hopes for this.
     
    Posted: Mar 7, 2018 By: Gwolf Member since: Mar 7, 2018
    #3
  4. Mr D

    Mr D UKBF Legend Free Member

    7,429 777
    Just be aware that until you turn 18 you cannot be held to contracts which means some businesses can refuse to contract with you.
     
    Posted: Mar 7, 2018 By: Mr D Member since: Feb 12, 2017
    #4
  5. Gwolf

    Gwolf UKBF Newcomer Free Member

    4 0
    i was made aware recently about this, but as of now i cannot forsee going into work with any other businesses as we want to solidify a standing with a first release and then work on further advertising, platform releases like android and improving programs we are going to use. Thankyou very much for the heads up anyway.
     
    Posted: Mar 7, 2018 By: Gwolf Member since: Mar 7, 2018
    #5
  6. Mr D

    Mr D UKBF Legend Free Member

    7,429 777
    May need a bank account. May need to get legal advice. May need to use an accountant.
     
    Posted: Mar 7, 2018 By: Mr D Member since: Feb 12, 2017
    #6
  7. Gwolf

    Gwolf UKBF Newcomer Free Member

    4 0
    I plan to set up a business account under my parent, in terms of legal problems or advice. as im currntly acting as the head of this in setting up accounts, programs and directing my team ill be looking into finding out the legal ins and outs of app production, copyright and publishing. I'll essentially be acting as accountant. Thankyou very much for the comment
     
    Posted: Mar 8, 2018 By: Gwolf Member since: Mar 7, 2018
    #7