Legal Question in Business Law in Maryland

Re: Any minimum age for Maryland Limited Partner?

As you have guessed, because a 2 year old has no legal capacity, property that is given to him/her (whether interests in an LLC or otherwise) must be held in some type of fiduciary arragnement by a parent, guardian or trustee. I presume that someone desires to give money and/or assets to a minor child.

Determining the best arrangement for this will depend upon the reason for wanting to title partnership ownership interests in the name of a minor child. Are you seeking a tax benefit? Are you interested in estate planning? Are there creditor issues? Are you simply making a gift? If you are making a gift and/or interested in estate planning, any competant attorney will need to know the basic financial and tax status of the person giving the gift and the minor child as well (is the minor child already the beneficiary of other trusts etc?). Without knowing many more facts, it is impossible to direct your attention to any 'statute or case' as you request because there are many ways to give the minor child the benefit of the ownership rights in an LLC; choosing the best method is the tricky part.

Unfortunately, I don't think this is something you're going to be able to fix as a "do it yourselfer". You're going to have to at least review the options with a competant attorney.

This is not precisely my area of practice. However, I know many good attorneys who may be able to consult with you for a modest fee. Please feel free to call if you would like me to refer you to one of my colleagues who is knowledgeable abou this area of law. I'll be happy to chat with you for a few minutes on the phone to determine your needs and then refer you to someone who I trust to assist you.

Lawrence R. Holzman, Esquire

Joseph, Greenwald & Laake, P.A.

6404 Ivy Lane, Suite 400

Greenbelt, MD 20770

(301) 220-2200

fax (301) 220-1214

Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.