Can a minor own a business?
by AboveAllAuto, Window Shopper
- Created: August 17, 2011, 8:37 pm
- Updated: August 17, 2011, 8:52 pm
I currently own(sole proprietor) a car detailing company in Ohio in which I have 4 employees that go around to different transportation companies and wash their fleets. I also work for a transportation company and would like to take up a bid to wash their fleet. I was told that I could not get the contract because of a "conflict of interest'. I would like to sign the business over to my 15 year old son so that my name is no longer on the business and keep the same company name. Can I do this? How would filing the taxes work for a minor. Is he able to fill out a 1040 for the existing contracts that the business has? Is it as simple as getting a business name change? I currently operate as a DBA so would he be able to put his name on the company bank account? Please give feedback.
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