Requesting Legal Advice

[AtraxGG]

Requesting advice regarding;

Currently 17 and opening a network.
Obviously you can't be under 18 and own a PayPal without them eventually red flagging your account and locking the funds. I plan on using a PayPal account under my legal guardian's name but it comes an issue with taxes. They already run their own business and doesn't want to add extra onto their taxes, reasonable. Is there any loophole besides an LLC to where I can claim it as my own income?

 

[Centrax]

Taxes will be CUT from your paypal transaction.

 

[AtraxGG]

Taxes will be CUT from your paypal transaction.

Filing income tax through IRS.

 

[Centrax]

Filing income tax through IRS.

Don't sign up with an LLC yet, you're new and your network MIGHT not grow.
So its the not the best to file an LLC before.

Only get your name registered and secured, that would work once you are good go with an LLC.

 

[Spenser]

Requesting advice regarding;

Currently 17 and opening a network.
Obviously you can't be under 18 and own a PayPal without them eventually red flagging your account and locking the funds. I plan on using a PayPal account under my legal guardian's name but it comes an issue with taxes. They already run their own business and doesn't want to add extra onto their taxes, reasonable. Is there any loophole besides an LLC to where I can claim it as my own income?

I ran a network under 18, made a paypal with parents info. When it came to taxes, I had our accountant run numbers. I gave my parents the $ "I" owed. It was very easy.

 

[Arrron]

Taxes will be CUT from your paypal transaction.

As far as I'm aware this isn't true. You might be referring to what is colloquially known as the "PayPal Tax". For each transaction you make as a merchant/business, PayPal take a percentage which is often regarded as a tax but isn't a legal tax.

To answer the question AtraxGG, I don't know your family life but most people have more than one legal guardian. Have you tried contacting someone else you may know such as parents/grandparents?

If that's not reasonable, I know PayPal's minimum age isn't definitely 18. It is whatever the legal contract age of where you live is. I'm from the UK and the minimum contract age here is 18 but in different countries it is different.

Finally, if that solution isn't reasonable you're left with two choices. (1) Wing it and hope PayPal don't realise for a year. (this is risky and not the solution I'd suggest). Or (2) wait until you turn 18. The longest you'll be waiting is 12 months, to the day (if so, happy birthday!).

I hope my answer is useful, and if not I apologise.

 

[AtraxGG]

I ran a network under 18, made a paypal with parents info. When it came to taxes, I had our accountant run numbers. I gave my parents the $ "I" owed. It was very easy.

Do you mind PM'ing your Discord so I can ask further questions?

As far as I'm aware this isn't true. You might be referring to what is colloquially known as the "PayPal Tax". For each transaction you make as a merchant/business, PayPal take a percentage which is often regarded as a tax but isn't a legal tax.

To answer the question AtraxGG, I don't know your family life but most people have more than one legal guardian. Have you tried contacting someone else you may know such as parents/grandparents?

If that's not reasonable, I know PayPal's minimum age isn't definitely 18. It is whatever the legal contract age of where you live is. I'm from the UK and the minimum contract age here is 18 but in different countries it is different.

Finally, if that solution isn't reasonable you're left with two choices. (1) Wing it and hope PayPal don't realise for a year. (this is risky and not the solution I'd suggest). Or (2) wait until you turn 18. The longest you'll be waiting is 12 months, to the day (if so, happy birthday!).

I hope my answer is useful, and if not I apologise.

I appreciate the response. As for other family, they either run their own business (one savvy family ) or their health stability is uncertain.

 

[Centrax]

As far as I'm aware this isn't true. You might be referring to what is colloquially known as the "PayPal Tax". For each transaction you make as a merchant/business, PayPal take a percentage which is often regarded as a tax but isn't a legal tax.

To answer the question AtraxGG, I don't know your family life but most people have more than one legal guardian. Have you tried contacting someone else you may know such as parents/grandparents?

If that's not reasonable, I know PayPal's minimum age isn't definitely 18. It is whatever the legal contract age of where you live is. I'm from the UK and the minimum contract age here is 18 but in different countries it is different.

Finally, if that solution isn't reasonable you're left with two choices. (1) Wing it and hope PayPal don't realise for a year. (this is risky and not the solution I'd suggest). Or (2) wait until you turn 18. The longest you'll be waiting is 12 months, to the day (if so, happy birthday!).

I hope my answer is useful, and if not I apologise.

I thought of something else when I replied that.