Legal Question in Business Law in Nevada
Minimum age for Board of Directors and Stock
Hello
My business partner is 16 and I am
23. I have found no information
regarding USA law for Minors being
part of the Board of directors for a
corporation in Nevada. What is the
age they have to be? Also what has
to be done for him to own stock in
the company? What legal form does
his parent need to sign or do. How
can he make binding agreements as
a stockholder? Also as treasurer how
can he sign legal forms and do the
normal daily duties of Secretary?
Thank you
2 Answers from Attorneys
Re: Minimum age for Board of Directors and Stock
You have to be 18 to be a director or officer. A stockholder can be any age. However, his parent or guardian must approve any transaction and be give a proxy to vote for him.
Re: Minimum age for Board of Directors and Stock
He's under 18, he cant be officer or director of a corp. He cant enter into contracts and he cant act as the Sec. or Treasurer. Getting into business with him is asking for problems, so I suggest you don't do it. US Law doesnt control, state law does, and it requires officers and directors to be 18 or older.
As for being a shareholder. there are no restrictions on his ownership of stock, but he will not be able to vote on corporate decisions on his own.
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