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I currently owna single member LLC, I am interested in dividing my company members up to me plus my 3 children (who are minors) I know there is no rule about minors being members of a LLC I was just wondering how do I go about doing that. Thanks Rich Hentosh
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Minors can enter contracts under PA law but those contracts are "voidable" by the minor. If you make them members of your LLC, they'll have a contractual relationship with the LLC via the Operating Agreement. If you want them to have the benefits of membership, conventional wisdom would suggest that you create a trust(s) for their benefit and make the trust the member. I'd recommend that you consult with an attorney who is familair with business organizations and estate planning for specific advice.
Answered on Apr 18th, 2016 at 11:38 AM