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Thread: Do You Operate (Mainly) as a Company or a Person?

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    Charles's Avatar
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    Do You Operate (Mainly) as a Company or a Person?

    I'm 13 -- and know no-one that I can trust... That is able to be a director of a company, and therefore have to operate as a person.

    My mother is on the benefit, and cannot afford to pay the consequences if anything were to go wrong.

    My father went bankrupt last year, as his two companies tore themselves apart. He was a member of the photocopier industry -- he's partially left... Now he is working with much larger printers on behalf of Aarque Graphics

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    Quote Originally Posted by Charles View Post
    I'm 13 -- and know no-one that I can trust... That is able to be a director of a company, and therefore have to operate as a person.

    My mother is on the benefit, and cannot afford to pay the consequences if anything were to go wrong.

    My father went bankrupt last year, as his two companies tore themselves apart. He was a member of the photocopier industry -- he's partially left... Now he is working with much larger printers on behalf of Aarque Graphics
    Company. It provides a small measure of protection in case I'm sued or audited, and leaves plenty of room for growth if I ever really choose to expand.
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    Quote Originally Posted by Charles View Post
    I'm 13 -- and know no-one that I can trust... That is able to be a director of a company, and therefore have to operate as a person.
    You are a victim of age discrimination perpetrated by the government of New Zealand.

    I have three companies currently, I have to in order to keep the accounting straight.
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    Quote Originally Posted by Will.Spencer View Post
    You are a victim of age discrimination perpetrated by the government of New Zealand.

    I have three companies currently, I have to in order to keep the accounting straight.
    I'm not allowed credit cards either, Mum and I have had discussions with lawyers... And it would not be legal for me to be the holder of a credit card, even if it were under her name. To get around this, we've signed Mum up for a DebitPlus card (which you have to be 15 to have) -- but that's legal for her to give to me, as we have a joint bank account. It's still pretty frustrating, though... There are too many conversion fees with the DebitPlus card.

    I'm not struggling too much with my taxwork. I have started color-coding my bookwork by project, that way -- not only is it useful for IRD, but it's useful to me... I can see which projects are performing well. The annoying thing is... I have to record the conversion rate at the time and the equivalent in NZD -- that means that I have to check PayPal's conversion rate directly after every single transaction that I make (that's not easy when it comes to me receiving payments, as PayPal seems to change the conversion rate hourly or so).

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    Charles, your where I was at two years back.

    I created a company in my mom's name because i could "trust" her and she still owns the company even though i'm legally a major now.

    The only reason why i was able to grow at these explosive rates was because I operated as a company and not as an individual.

    In the longer term, operating as a company is a lot better.

    But, I would say don't partner with a third person, do it with a relative your mom/brother considering the fact that they'll stick out for you.

    The major advantage for me was that in the family system here in India, I could trust my parents as they would stick out for me, many a time when the business was running at a loss, my parents pooled in money to save it - and, now its running in bumper profits ( Did I tell you that I beat Will this month :P )

    Create a company in your mum's name kiddo!

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    Quote Originally Posted by Ash View Post
    many a time when the business was running at a loss, my parents pooled in money to save it - and, now its running in bumper profits ( Did I tell you that I beat Will this month :P )
    Absolutely - I've had a few times when this has happened - I wasn't really running at a loss but USD cheques here take 30 days to clear as well as most companies taking 30 days to pay so it can take up to 90 days for me to actually have the money and the max you have for time on the credit cards is 54 days.

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    Individual, but I'll incorporate when i have some... well, personal issue solved.

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    I operate as a Person. Making money online is a hobby for me. Hopefully one day it will blossom into more! I have a full-time day job that I am currently on strike for. So I MUST make more money - cause I will be without income for who knows how long!



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    I operate as a self-employed student

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    Quote Originally Posted by Ash View Post
    Create a company in your mum's name kiddo!
    She's legally not entitled to be the director of a company. Her financial state is not too great, and she is not able to contribute anything towards the company.

    Quote Originally Posted by Shenron View Post
    Individual, but I'll incorporate when i have some... well, personal issue solved.
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