2007-10-21 02:58:19 · 9 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Nope. In almost all state you have to meet minimum age requirements to either be the registered agent of the LLC (who files the papers needed to form the LLC) or to be a member of an LLC. Sorry.
If you're really deadset on doing it, get a parent or guardian to sign for you. But know that you won't have any claim to the LLC's assets or profit distributions.
2007-10-21 03:36:21 · answer #1 · answered by Jimmy 4 · 0⤊ 1⤋
YES! Don't listen to these people. They have no idea what they're talking about.
A minor can own anything other than real estate. You can own a car, a blender, a suit, shares in a corporation, or even all of the shares in a corporation or LLC.
If someone tells you a minor can't own an LLC, ask them to cite the law. Most likely, there won't be any such provision. For example, Texas has no age restriction.
The SEC has NOTHING to do with your question. Ignore that nonsense (well, I know this was posted 6 years ago, but I'm answering for all the people who had the same question and were directed here by Google.) The SEC primarily regulates **publicly-held corporations**. It has nothing to do with LLCs. LLCs are entirely a state matter.
The contacting issue has NOTHING to do with your question. Forming an LLC has nothing to do with having contracts. You may not need to ever contract with anyone. And you still can, as a minor, if the other party is willing (since minors can in theory void a contract by citing their minor status, which would be a loser move.)
2013-11-01 21:26:51 · answer #2 · answered by Joe 1 · 1⤊ 1⤋
I don't think so. The law requires that only those of legal age be involved in establishing a duly registered company with the Security and Exchange Commission.
A minor (with an advanced brain and intelligence) can open one, no doubt about it but it will be illegal and short-lived. Authorities will close down the business as soon as they discover it.
Are you the minor who is thinking of opening a limited liability company?
2007-10-21 03:07:48 · answer #3 · answered by suntallgid 1 · 0⤊ 1⤋
According to my Business Law class, a minor cannot open an LLC because contracts entered into by minors are unenforceable and thus illegitimate. Sorry.
2007-10-21 03:01:59 · answer #4 · answered by CHRISTOPHER K 2 · 0⤊ 1⤋
Most companies of any type need to be bonded and insured. Being a minor, you would be unable to obtain these policies. Most people would not do business with someone who is not able to be held responsible for their actions or inactions.
2007-10-21 03:46:09 · answer #5 · answered by sensible_man 7 · 0⤊ 1⤋
I am a minor and I founded my own LLC.
Do not listen to these people. Your name will be on everything except the registered agent documents. This is so because the IRS needs someone who they can tax so you do need a someone one who can sign for you.
2015-12-09 09:13:03 · answer #6 · answered by Ami S 1 · 1⤊ 0⤋
I would check out the laws for Companys and Licence's where you live. You may need someone of Age to sign for you. But I am sure there is a way to.
2007-10-21 03:03:57 · answer #7 · answered by Susieq 2 · 0⤊ 1⤋
No, you will be sixteen to paintings, and a criminal person (18) to open up a real corporation. The twelve year olds i comprehend do backyard paintings and babysit. you may even desire to objective tutoring sons and daughters who desire help interpreting and doing uncomplicated math. It sounds like your pal's save could could wait some years (sorry)!
2016-12-18 13:25:05 · answer #8 · answered by trickey 4 · 0⤊ 0⤋
have to have guarantor's, but would think you would have to be of age. at least 18.
2007-10-21 03:02:23 · answer #9 · answered by Anonymous · 0⤊ 1⤋