If I’m 14 and I want to start an LLC with 4 other partners, who each are also 14 years of age, is this possible?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I’m 14 and I want to start an LLC with 4 other partners, who each are also 14 years of age, is this possible?

And if possible/impossible how and/or why?

Asked on January 14, 2013 under Business Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country you and your minor friends can legally file an application with your state's secretary of state to have a limited liability company and actually own one. The problem is that since you are minors, operating such on a day to day basis may not be practical because as minors any contract you enter into on behalf of your entity can be deemed voidable by you.

Given this many people or companies may not want to do business with you until you or one of the others reach adulthood.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption