Legal Question in Business Law in North Carolina
Our children are purchasing a going business. We are struggling with whether to take their business in under our family business corporation or to let them establish a corporation of their own -- which would provide more learning for them. They are all minors, though. Can these minors be the sole shareholders of a corporation and sign legal documents for corporation, business purchase, taxes, etc for themselves? If not, how can we handle it? There are three of them: 17, 15, and 13.
1 Answer from Attorneys
As a Franchise Attorney I can say this is not the type of question that can be answered on a forum like this. There are too many factors involved, including the fact that minors cannot enter into any legally binding contracts - just for starters. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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