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Is there a way to get a merchant account if you are under 18?

Discussion in 'Business & Tax Advice' started by Jared255, Jan 31, 2010.

  1. Jared255

    Jared255 Jr. Executive VIP Jr. VIP Premium Member

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    Title says it all.
    Posted via Mobile Device
     
  2. Brotato

    Brotato Regular Member

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    talk to your parents and see if one of them would mind it being in their name
     
  3. danizdeman

    danizdeman Regular Member

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    just lie about your age. that's what I do.
     
  4. Gupnup

    Gupnup Regular Member

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    Works most of the time... but I don't think this time would be a good idea:rolleyes:
     
  5. Jared255

    Jared255 Jr. Executive VIP Jr. VIP Premium Member

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    For a merchant account or just an affiliate network account? I obviously lie about things like CPA networks, but since there are ccs involved I thought it got a lot more serious. Credit score and entering into contracts.
    Posted via Mobile Device
     
  6. Webify

    Webify BANNED BANNED

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    Couldn't you possibly form a company and run it under that? I'm not sure about age requirements to register an LLC in the U.S. but here in the U.K. you need to be 16 to register a limited company.
     
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  7. blatt

    blatt Newbie

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    You can't lie about your age you have to legally be 18 in the US to sign a merchant agreement by yourself. You can't open an LLC as you legally have to be 18 to do that in the US as well. Basically you have 3 options.

    1. Open an LLC/IBC somewhere else such as the U.K. where you don't need to be 18. Even if you open an LLC/IBC offshore you would still need an offshore merchant that will allow you to open an account without very stingy requirements such as 2 years of tax returns or SSN (very hard to come by and there are a lot of scam artists out there). I highly recommend against this unless you have the money and time to fly out of the country and take care of most of this in person at reputable banks. And remember when filing taxes this will make things a bit more complicated.

    2. The best thing to do would be to open an LLC with a family member. 51% of the shares in the company will have to be owned by your of legal age (18+) family member the other 49% may be owned by you. Have an operating agreement that says when you turn of legal age (18) they will sell those shares back to you for $1. Now remember your family member will have to sign the merchant agreement so make sure that is okay with them as well. You might be wondering why open an LLC if your family member still has to sign for the merchant. And there are two main reasons, 1. this gives you access to the bank account which you wouldn't have if just your family member signed up and 2. the protection of having an LLC.

    3. If that doesn't work make a deal with somebody willing to process your transactions, this will be more expensive but if you don't want to wait until your 18 it may be a plausible idea.

    Good luck!
     
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    Last edited: Feb 1, 2010
  8. 7878

    7878 Executive VIP Premium Member

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    This thread is 2 months old. :der: