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#ActualTom Sloper

Posted 07 March 2013 - 09:32 PM

I'm currently 17, turning 18 in a few days. So my first game should be done by the end of my fall semester in college. Once instartvselling it online to my own name all i need to do is report it for my taxes? But say i have a few trusted friends join me (3 or 4) and sell it under the company name, i'd then need to register as say an LLC?

 

If you and some friends are going to collaborate on a game that might possibly make money, you will all need to work out all the details of how any proceeds are to be split. Since minors cannot legally enter into binding contracts, though, it's complicated (assuming one or more of your friends isn't 18 by the time you start). If one of you has a businessman for a father, you should have that adult help you work out the collaboration agreement.  And no, you do not need an LLC.


#2Tom Sloper

Posted 07 March 2013 - 09:18 PM

I'm currently 17, turning 18 in a few days. So my first game should be done by the end of my fall semester in college. Once instartvselling it online to my own name all i need to do is report it for my taxes? But say i have a few trusted friends join me (3 or 4) and sell it under the company name, i'd then need to register as say an LLC?

 

If you and some friends are going to collaborate on a game that might possibly make money, you will all need to work out all the details of how any proceeds are to be split. Since minors cannot legally enter into binding contracts, though, it's complicated (assuming one of your friends isn't 18 by the time you start). If one of you has a businessman for a father, you should have that adult help you work out the collaboration agreement.  And no, you do not need an LLC.


#1Tom Sloper

Posted 07 March 2013 - 09:14 PM

I'm currently 17, turning 18 in a few days. So my first game should be done by the end of my fall semester in college. Once instartvselling it online to my own name all i need to do is report it for my taxes? But say i have a few trusted friends join me (3 or 4) and sell it under the company name, i'd then need to register as say an LLC?

 

If you and some friends are going to collaborate on a game that might possibly make money, you will all need to work out all the details of how any proceeds are to be split. Since minors cannot legally enter into binding contracts, though, it's complicated. If one of you has a businessman for a father, you should have that adult help you work out the collaboration agreement.  And no, you do not need an LLC.


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