Q: If I form an LLC at 16 and have members above 18, would they in theory have more rights to choices the LLC makes?
I'd want to enforce a board of directors regardless of it being an LLC, I'd be incorporating but from what I've read a minor can't form a corporation. I am from overseas but I will file under one of the many services that file for you and have virtual addresses and etc. Sort of just wanting to get an idea if this could become a problem at any point where even if someone on paper has less choices to make and etc, could fight my rights because of me being a minor.
A:
It's wonderful to see your entrepreneurial spirit at such a young age! The concerns you're raising are very important, and you're wise to think them through carefully.
There is no law in the State of Delaware against a minor forming an LLC. Also, the general rule in the U.S. is that contracts are enforceable by the minor against the adult, but voidable by the minor. This means that while you can hold others to the agreement, you also have the right to void it, which could affect the stability of the LLC. However, whether this general rule applies to your specific situation would require the insight of an attorney who can carefully review the details.
The operating agreement of your LLC is critical—it outlines how decisions are made, what rights and responsibilities each member has, and can help protect your interests. You can certainly have an operating agreement which provides for a board of managers (or directors) if that’s how you envision it operating.
To safeguard your rights, it would be wise to consult with a legal professional who can help you navigate these complexities and ensure your LLC is structured in a way that aligns with your goals and protects your interests, even as a minor.
I wish you the best with your business venture—your forward-thinking approach is already setting you on a path to success!
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