Legal Question in Business Law in Nevada
Can Minor Own Stock?
We are trying to find out if it is legal for a minor to own stock in the state of Nevada. I have scanned the Statues and found nothing that says minors can or cannot. Although I have found that a minor cannot reside on the board of directors, they all must be 18, it says so explicitly. Since it does not say anything about not being able to own stock, what would the interpretation be?
1 Answer from Attorneys
Minors owning stock.
You have enough questions that you should seek local counsel. Ask them if you have a Uniform Transfers toMinors Act (or an old Uniform Gifts to Minors Act) which normally allow children "equitable" ownership ofof property but put legal title in a qualified adultcustodian. It seems to be more of a (state law) property rightsquestion than a Nevada Corp. question.
Why are you doing it, to make yourself "judgement-proof"(broke!) so you can engage in legal battles more fearlessly? If it's for asset protection such as that, consult a local attorney first; people make mistakesall the time in this area and only realize it afterthey get sued and lose and the opposing attorney findsthe weaknesses.
Nevada is rather unique in terms of asset protection;stock registration can be private in some cases as I understand it, and even directors names are not all public, I believe. Anyway, again, consult ... you know.
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