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My clients daughter wants to open her own candle business but is only 17. As a minor can she apply for an LLC on her own or does she have to have her parent do it?
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This sounds like a legal question and would likely vary according to the state of residency. This is not something that I would answer for a client. Is the client aware of all of the costs associated with a LLC?
Here's wishing you many Happy Returns
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You don't apply for an LLC. You form one. As George said, this is a legal question. I'm thinking she probably has to be over 18 to form one, but a lawyer or other agent can do that. Next legal question - can she own an LLC?
Ex-AllStar
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Yes, I meant form one as an owner. The state of residency is Ohio. I haven't found any information as far as an age requirement.
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Why is an LLC even a consideration? Just file for an EIN "for banking purposes" to avoid giving out the SSN and then file taxes on Sched C.
"Level Up" is a gaming function, not a real life function.
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She wants it to be an LLC for personal liability purposes.
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And just how much does a minor have "at risk?" Isn't it the Parents that should worry about liability? Have they talked to an attorney and perhaps their own insurance agent?
"Level Up" is a gaming function, not a real life function.
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They are just trying to set it up right for when she does turn 18 and the liability is hers.
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Ask attorney to make sure but in my state they can form even though they aren't 18.
State application does not even ask age.
I think this is wrong since they can't enter into a legal contract, but that is what I found out when I had a minor walk in whom had already form the business and now wanted to know how to file taxes.....
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Oregon
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@linette Not sure that response agrees with Oregon Statute 63.044 ?
ORGANIZATION
63.044 Formation. One or more individuals 18 years of age or older or other entities may form a limited liability company by executing and delivering articles of organization to the office for filing. Organizers need not be members of the limited liability company. [1993 c.173 §14]
I think the response is that it requires a call to the respective Secretary of State to understand the requirements.
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Rick, Yes I am aware of that.
My mistake was that when this young man walked into my office I made the assumption that the state checked that. I learned they don't.
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Government at its best.
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Theory question - Does this mean that the LLC is invalid? Or, does it mean it could be, but that if others acknowledge its existence and accept it (I forget the legal term for this) then it is a valid LLC?
Ex-AllStar