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I want to start a brand with me and 2 friends, I want to run the store while they do other things. We are under 18.
So I know that I need my parents to be the owners of the store and I need to be a staff, how would I make it so the income that I and my friends make get taxed to us instead of our parents. Also do I need to have my friends as staff? I don't mind receiving the money and then sending it to them, however I don't know if that is something that I can do since they are technically employees.
Either way I dont want my parents get the income and pay taxes on it. I also have my own bank account which isnt connected to my parents. I looked online but not much help, if someone could guide us I would be thankful.
Hi @GWGS !
For the taxes, since the name of your parents are the registered store owners, the tax information should be under their name as well so, they will be the one who should pay the taxes either way. As for the staff accounts, if your friends are co-owners, then they should be added under staff as well.
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