I’m on an F-1 visa and want to start a business. Just so I don't get slammed with any fines or worse, get deported, is this allowed under my current visa status?

No, F-1 visa holders generally can’t start or actively run a business. You must maintain your student status and get proper work authorization first.

@Max Olsen What happens if I go through with it though?

Well, you risk violating your F-1 status, which could lead to termination of your visa and possible deportation.

Nope, F-1 visa holders can’t start a business while studying without violating visa rules.

No, amigo. With F-1 visa, you cannot open business. Is not legal unless you change your status first.