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**At 16, what are some viable small business ideas and how can I get started with limited resources?**
**Legal competency**: Minors (under 18) cannot enter into contracts or form a business entity without parental consent, as they lack legal competency.
**Parents' liability**: If a parent or guardian forms a business entity on behalf of a minor, they become personally liable for the business's debts and actions.
**Limited credit access**: Minors may struggle to access credit, as they are not yet legally recognized as adults.
**Complex taxes**: Business taxes can be complicated for minors, and they may require professional guidance to ensure compliance.
**Benefits of starting early**: Starting a business at 16 allows for experimentation and learning from mistakes, with fewer responsibilities and financial burdens.
**Leveraging school networks**: Young entrepreneurs can tap into their school networks to test products and gather feedback from peers.
**Popular business ideas for teens**: Babysitting, tutoring, print-on-demand products, neighborhood services, and pet-sitting or dog-walking are popular business ideas for teenagers.
**Registered agent**: When forming a business entity, a registered agent is required to receive legal documents on behalf of the business.
**Business license requirements**: Depending on the state and industry, minors may require special licenses or permits to operate their business.
**Parental guidance**: Minors should discuss business finance, roles, and responsibilities with their parents to ensure a smooth operation.
**Business bank account requirements**: Minors may need a business bank account with a parent or guardian as the authorized signer.
**Disaffirming contracts**: Minors have the ability to "disaffirm" contracts, voiding their end of the agreement, which can impact business dealings.
**Home-based businesses**: Many business ideas for teens can be operated from home or with minimal startup costs.
**Differentiation is key**: To succeed, teens should research their industry and differentiate their business from competitors.
**Passion and skills alignment**: Teens should identify their passions and skills to determine the type of business they want to start.
**Developing a business plan**: Creating a business plan outlines business goals, helping teens stay focused and on track.
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