Parents' bankruptcy and me being a minor

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JoshIrwin
New Member
4 0 0

Hello, I have been trying to figure out if I can set up a Shopify store as a minor if my parents have filed for bankruptcy. Since I am a minor they would have to put the store in their name but they can't have any other source of income coming into their name. I'm really passionate about starting up my new business and would really love a response even if it's one that's telling me no. Just want to know if I should keep having false hope that I can do it or just having to wait 2 more years until I turn 18. Thank you.

 

- Josh

Accepted Solution (1)

Accepted Solutions
Trevor
Community Moderator
Community Moderator
3210 432 734

This is an accepted solution.

Hi, @JoshIrwin

While I can't give direct tax advice, as we're not tax experts, I can give you some general information to help guide you in the right direction. If you are based in the United States, then Shopify is required to report any income to the IRS. As you're a minor, one of your parents would need to be listed on the Shopify Payments account along with being the Account Owner, which would result in income being reported as an SSN is required.

Other payment providers may not report the income, nor require that the account is under your parents' name. I'd recommend researching the payment providers for your region by clicking your country here. Keep in mind that if you do not use Shopify Payments, then the account would be subject to transaction fees per order. Transaction fees range between 0.5% - 2% per order (based on your plan) which would be on top of the fees your payment provider charges you. 

Trevor | Community Moderator @ Shopify 
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Replies 5 (5)
Trevor
Community Moderator
Community Moderator
3210 432 734

This is an accepted solution.

Hi, @JoshIrwin

While I can't give direct tax advice, as we're not tax experts, I can give you some general information to help guide you in the right direction. If you are based in the United States, then Shopify is required to report any income to the IRS. As you're a minor, one of your parents would need to be listed on the Shopify Payments account along with being the Account Owner, which would result in income being reported as an SSN is required.

Other payment providers may not report the income, nor require that the account is under your parents' name. I'd recommend researching the payment providers for your region by clicking your country here. Keep in mind that if you do not use Shopify Payments, then the account would be subject to transaction fees per order. Transaction fees range between 0.5% - 2% per order (based on your plan) which would be on top of the fees your payment provider charges you. 

Trevor | Community Moderator @ Shopify 
 - Was my reply helpful? Click Like to let me know! 
 - Was your question answered? Mark it as an Accepted Solution
 - To learn more visit the Shopify Help Center or the Shopify Blog

JoshIrwin
New Member
4 0 0

Thank you so much for the help! I also was wondering if you could refer me to any that you might know ?

Trevor
Community Moderator
Community Moderator
3210 432 734

@JoshIrwin 

I'm not too familiar with other payment providers; however, you may find luck with Paypal. I'd start there and see what you can find out. 

Trevor | Community Moderator @ Shopify 
 - Was my reply helpful? Click Like to let me know! 
 - Was your question answered? Mark it as an Accepted Solution
 - To learn more visit the Shopify Help Center or the Shopify Blog

JoshIrwin
New Member
4 0 0

Okay i thought i would have to be 18 to get a paypal account

MilerPip
New Member
3 0 0

I had a similar problem, thanks for your help.