Legal Question in Business Law in Massachusetts

Minor owns company

I work in USA on H1b Visa and My daughter is USA Citizen by birth and she is a minor(below 18 years). Is it possible to open a company on her name? If yes, what are the implications on me.

Thanks


Asked on 7/30/01, 4:59 pm

1 Answer from Attorneys
Lawrence Graves Coolidge & Graves PLLC

Re: Minor owns company

There are definitely limitations on what your minor daughter can do. She cannot act as incorporator of the corporation under MA law. While there is no further reference to age in the corporations law, my opinion is that a minor cannot act as a corporate officer or director because a minor lacks legal capacity.

A minor could own the stock of the corporation, provided that a parent/guardian acts on her behalf in respect to voting and other legal acts.

I hope that the foregoing is of help to you. Best wishes,

LDWG

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Answered on 7/31/01, 8:20 am


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