@Linksto members
Square I understand will not loan money to minors - found that bit out - but is that only the US or Aus too
My query is in this day and age of cahsless society - if a young person would like to sell at events and markets they need some form of EFTPOS system - Square the most logical for most.
The query is that from everything that I have read they cannot open an account as they are Under 18.
Technically they can open an account under a (trusted) adults name and utilise their bank account and have the funds transferred over - this is is the only option I can find.
This in turn opens up my doubts - if they are trying to make their business work and do all the right things re tax, abn insurance etc but the monies they earn are paid into the adult bank account they are trusting said adult to be responsible to transfer that money to their own bank account (which they can legally open) and the adult pays the tax as income despite the transfer to the minors acount. (and yes a good acountant can make this work)
The end result at the moment that the minor is not in full control of their own entity
