Have you written your business plan yet? The web hosting industry is like any other industry, it's not a lemonade stall. At the moment the virtual shared hosting market is over-saturated, how are you going to get clients? Is this the niche of market you're going to target? Or will you try to get at the more lucrative Windows hosting market? All this should have been thought of before hand and should be in your business plan.
Have you found out about government taxes for self employed persons? I don't know about American law, but there's specific legislation here in the UK for ecommerce/internet service providers which must be taken heed off. More importantly than that if you're saving data on your customers on your computer, you must take notice of the Data Protection Act.
Have you looked into ways of funding the business. I'm sure you'll discuss this with your business partner if and when you find him but it's important to find out how you'll be able to dig yourself out of holes. It's a written fact that most business don't profit in the first year, so if unexpected debts do fall on top of you, how do you propose to get out of them. Being underage can also pose a lot of problems
There's many other considerations to look at, I've included some links for you to take a look at, they are as follows:
Hopefully you'll find them interesting, I'm sorry to lecture you, but I'm sure no-one here wants to see yet another fly-by-the-night hosting venture. Wish you the best of luck with your business if it takes off. Hopefully you'll take heed of my wordings