General Question

Elumas's avatar

How does one start a company?

Asked by Elumas (3170points) August 9th, 2010

Lately, I’ve felt inspired to start my own company designing everyday devices that work better and improve peoples lives. I want to stop waiting and go for it. I’m 16 and I have a book full of Dieter Rams inspired designs. How do I make them reality?

I live in Virginia. All I have is some money, inspiration, and a sense of design. I want to design products that work better than current renditions. I have designs and a little technical know-how. I feel if I don’t at least start doing something now, nothing will ever happen.

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6 Answers

marinelife's avatar

Will your work be ptentable? If so, you will need to protect it, which will cost money.

As to starting a company, simply decide what is the best form for your venture (LLC, S Corp, C Corp) and then start on the paperwork. It does all take money though.

BlueAl's avatar

If you are modifying current/existing devices, you may need to look into patent protection laws. If you are designing brand new products, you need to look up your state-specific guidelines re: how to start a business, and as the previous poster said, what type, so there are legal protections in place. You may have to consult w/ a parent or guardian re: some of the paperwork requirements.

augustlan's avatar

This page from the Virginia government should answer some of your questions.

Before you go that far, though, you probably don’t need to actually start a company until you have a marketable product ready to go. Just keep good records of any money you spend to get to that point.

You’ll need to have a prototype of your product built (I’m not sure how to go about that, sorry) and see if it’s any good. Once you’ve done that, get your state/city/county licenses (whatever your area requires) and go on to manufacturing, marketing and selling.

YARNLADY's avatar

Here’s some great ideas. Remember that many people won’t contract with minors, so you probably should have a trusted adult as a partner.

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mollydrew's avatar

I would suggest getting a patton on your inventions. The library can help you or I’m not sure at your age if you can be incorporated, also certain busnesses are L.L.C. some Inc. or Corp. You have a lot to investigate also tax consequences and you should see what grants you can apply for.

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