bring minor child in company

[Jade33]

Has anyone set up a company for a minor or registered a minor as a partner?
Pro/cons?
what countries allow this set up? thanks

 

[Sols]

Pros: none.

Cons: lots of extra work to make it legal (if it's even allowed) and expect banks to ask a lot of extra questions.

AFAIK, minors can never be directors, managers, or managing partners (i.e. anything that requires a legally binding signature) but they can be shareholders or members in some jurisdictions (such as US and UK).

 

[NicolasMaduro]

Pros:
If you are bankrupt its pretty standard to incorporate companies in your childs name and be a director yourself to protect assets

 

[Jade33]

I would point in direction of shareholder yes. there are young underage people with an online Business or activity so how do they manage it (through the parents?
what if the child has a great idea, start it up through the parents? how can they be involved?

 

[bigdaddyleon]

there are young underage people with an online Business or activity so how do they manage it (through the parents?
what if the child has a great idea, start it up through the parents? how can they be involved?

Through parents or in some countries, minors can also open a company after checking their mental maturity

 

[SoNewToAllShit]

Pros:
If you are bankrupt its pretty standard to incorporate companies in your childs name and be a director yourself to protect assets

Was just to say so, have seen many examples of such cases where it has been done. But you really need to ensure that the teeny brain not goes crazy at some point and f**k it all up.

 

[CyprusLawyer101]

You can have the company be owned by a trust and have the child as a beneficiary to the Trust.