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


Asked on 12/02/08, 4:52 pm

2 Answers from Attorneys
James Smith James E. Smith Ltd.

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.

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Answered on 12/02/08, 4:57 pm
Warren Markowitz Warren R. Markowitz, Esq

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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Answered on 12/03/08, 11:17 pm


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