I need help setting up PayPal.

Hey, I'm only 16 and need some help with setting up a company?

• I know what you're all thinking..I think xD That 16 is too young? My parents and everyone else thinks so too and thats why I need help. I want to use my summer to set it all up..I've got my idea and everything, I just need to get a trademark in place and i'm all good to go. Just need some financial support. I'm currently looking for a job, but my teacher also told me that there are some charities in london (i'm from the UK) that help with business start ups? I've applied to the Prince's trust but I have to be between the ages 18-30 to actually get support which kinda *****. Basically, I need help with ways to earn money to make money? if that makes sense? Thanks lots..I appreciate it:] x

• Answer:

  You already have one advantage - you are 16, and under the Companies Act 2006 can be a director of a limited company. Firstly, I would advise setting up a private limited company which means your personal assets are not at risk if the company goes bust. Then, in terms of funding, I'm afraid there aren't many options until you are over 18 and have an income, because banks won't lend you money. You could try putting a very strong case to a family member, with a business plan, convincing them as to how it would work and showing that you have the skills to run it. If the amount is under £1000 or so, you could try getting set up with a job that pays around that much a year, and persuade someone to lend you the money with a 10% interest rate so you can tell them they would make £100 out of it. Good luck with this - starting a business is not easy and I know what it's like to go through at such a young age - no funds available, just hard work!