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The Entrepreneur · № 17

Legally Real

Registered your business as a legal entity, LLC, DBA, sole proprietorship, and opened a business bank account under its name.

The idea

Registering a business is mostly paperwork, but it changes how your kid sees what they're doing. Have them fill out the forms themselves, even if you handle the signatures. The first bank statement with the business name on it is a bigger moment than they'll expect. The thing they were running is now a thing that legally exists. That's the shift.

Steps
  1. Pick the entity type in a quick adult conversation. LLC, DBA, sole prop.
  2. Have your kid fill out the forms. You sign as guardian.
  3. Open the bank account in person. Let them ask the teller the questions.
  4. Print the first statement. Tape it somewhere visible.
What counts

A registered business with a bank account in the business name, and your kid can explain the entity type. A photo of the registration or first statement is plenty.