Minors Have So Many Limitations

[Thrive]

Ive come across this roadblock before and every time (combined with a few other things) its stopped me from going further. I did do some google searches those other times but looking back on them I can see that I was very short sighted and didn't broaden my search. So now, after some better searching, I have a bigger perspective on this problem.

Does SOMEBODY understand how a minor can legally file an LLC in the state of Texas?

Right now this is the hardest thing facing me, so this week I am going to get all the info I can by talking with all the legal people I know and giving a shout out to any legal people here, plus any minors on here that have gone through this.

Honestly, I've read all the stuff on the web about this so Im looking to get info from the people that have been through this or that have actually gone through all this :bgh: confusing stuff.

 

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[Runum]

Minors cannot sign a contract so I don't think that is an angle.

Maybe a business can be in a trust with an adult custodian to benefit the minor and at 18 the trust dissolves and the business becomes the minors possession.

The limitations are there to protect the adults that may be doing business with you, as well as protecting you. If you did business with an adult, the adult would have much more to lose than you would.

 

[The-J]

As much as I hated it when I was younger, it seems the roadblock is there for a reason. Not because they don't want kids to be enterprising but because they don't want legal hiccups that can often occur when dealing with a minor.

I think Runum's advice is best. You may want to do some Google searches as to how filing in trust with an adult works. If your parents won't do it, find another family member who will. I wouldn't recommend looking outside the family, though.

 

[Mike39]

If you really want to try and form an "all bases covered" business, go to a l-l-lawyer uke:

 

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[Thrive]

Maybe a business can be in a trust with an adult custodian to benefit the minor and at 18 the trust dissolves and the business becomes the minors possession.

I think Runum's advice is best. You may want to do some Google searches as to how filing in trust with an adult works. If your parents won't do it, find another family member who will. I wouldn't recommend looking outside the family, though.

There is something like your saying, its called the Uniform Transfer To Minors Act but I read through it and apparently the minor cant touch anything inside the account until coming of age. So thats not gonna work.

Well what about this? I would do a trust account because I don't want my parents keeping it themselves. Correct me if I am wrong. But if I completely believe in my parents and they trust me not to do stupid things like back off of a contract then I can just have one of them sign it in their name. Right?

If you really want to try and form an "all bases covered" business, go to a l-l-lawyer

Well I'll be talking to a couple, thats for sure. Its that what you did? Or did you just do everything "under the table"? :fineprint:

 

[DeletedUser2]

Get an attorney.

they can walk you through the legal implications, and explain how things work. a family member may not know what to do or not do.

if you hire an atty, they have to act in your best interests. if your in Texas, PM me and I can recommend a few. at the very least they can explain the laws in a way you understand.

Z

 

[Mike39]

Well I'll be talking to a couple, thats for sure. Its that what you did? Or did you just do everything "under the table"? :fineprint:

I have been running "under the table" but as I am starting up this bigger project I will have to re-evaluate my options with an attorney. Getting emancipated is something I am looking into, only if I can continue living with my parents until I graduate high school. Its not that I can't afford living on my own but I just want to enjoy my last year I'll really spend a lot of time with my parents.

I will probably speak to an attorney within the next couple weeks, if anyone has a recommendation for a good guy out here (Colorado), pm me

 

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