Draft Operating Agreement in New Jersey for Internet Business
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in New Jersey for Internet Business.
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Can you explain and help with the process of dividing the LLC into 99% and 1%?
I would like to make my dad a 1% owner in the company In order to have an LLC in PA under the age of 18. Me being 17, I would like to create an LLC so that I can function and be fully legal and transparent to the state of PA. I need more specific 1 on 1 guidance on how I can fully make this possible. Any information helps, thank you.
Answered Mar 3, 2021
Hi. This is a difficult question in terms of application and practicality. There is nothing in the LLC laws that prevent a minor from owning an LLC in Pennsylvania. However, the minor may not have capacity to sign a binding agreement such as the documents necessary to create an LLC. More than likely an option to consider may be to have a parent form the LLC and grant the minor an ownership interest through an operating agreement. However, each situation may be different and I urge you to contact legal counsel to discuss your specific circumstances.