I am currently a minor and would like to know the legal requirements for owning an Llc that would be buying and selling properties as well as wholesalling. Thankyou.
Why not work with an adult to assist you? You really can't enter into many contracts, so it may be difficult on your own.
First of all, congratulations on thinking about investments and business. I would first urge to you pursue your education more than anything. Running a business is a hard, demanding life and there is much to know. Your biggest problem in starting a business as a minor is that your contracts are voidable. Therefore few will enter a contract with you until you attain the age of majority. Since you are proposing to flip real estate, there are legal issues associated with the ownership of real estate and its sale. These transactions would have to be carried out by a conservator or custodian while you are still a minor. As to forming an LLC, while there is no legal requirement, per se, that the organizer of an LLC be of any age, but any such LLC would suffer from the disabilty of the voidablity of your contacts. I would urge you to first pursue an education, and in the mean time perhaps your parent or guardian can assist you in creating a savings or investment account.
There is a legal solution to your dilemma. You can, indeed, form an LLC, sign contracts, etc. even though still a minor, if you successfully complete a procedure known as "Emancipation of a Minor." In Georgia, this involves having a petition for emancipation approved by a Juvenile Court judge. You can read the law about this by going to http://www.ganb.uscourts.gov/geninfo/telecontact.html and looking under Title 15 at 15-11-200 through 15-11-208. (I was office manager of a real estate company for a while at age 16. Good luck!)
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