Legal Question in Business Law in Colorado

I wish you the best with your business. Because you are minor (under 18), you have various complications that will require the assistance of a business attorney. You cannot create binding contracts. You also cannot sue or be sued nor can you arbitrate claims. Because of these limitations, you trying to establish a business or enter contracts is not really feasible without a structure to remedy these issues.

Your attorney can structure a trust where your parents are the trustees but this has some issues. That trust can then structure an entity and you could be a shareholder or member (depending on the structure) so you have the right to vote but you will need a clear operating or shareholder agreement related to many issues, including the relationship with the trust and its rights and duties.

As to taxes, that is too complicated to answer under your facts. The only way an attorney can provide advice is by getting more information on the business and other facts.

Start contacting business attorneys with expertise in trusts with your parents and determine options.

Now, all that said, unless you are really that far from majority (18, except in certain circumstances), it may make more sense to consider the entity, the contracts and the like once you hit that age so you can do this entirely yourself. There are risks there as well but it is impossible to know if that makes sense since it will require providing more facts to your attorney. So, again, a business attorney is the next stop and you will need that going forward anyway for your business.