Minors Starting a Business with a Partner

[zjscott]

I am from New Jersey. I am looking to form an LLC with my partner Jacob. The problem is that we are under the age of 18. Jacob has a connection to a successful entrepreneur who is a family friend of his. Our company designs computer hardware and such and we have working prototypes of some of our devices. So we do plan to go public one day. I understand that we have to be 18 to form any sort of company. I had the idea of having the entrepreneur form the company and then he can turn it over to us when we are 18. The problem i am having with my plan is how can i make it so that he has to turn over the company instead taking everything and running.


If this is not the way to go what are my other options.

 

[LdiJ]

I am from New Jersey. I am looking to form an LLC with my partner Jacob. The problem is that we are under the age of 18. Jacob has a connection to a successful entrepreneur who is a family friend of his. Our company designs computer hardware and such and we have working prototypes of some of our devices. So we do plan to go public one day. I understand that we have to be 18 to form any sort of company. I had the idea of having the entrepreneur form the company and then he can turn it over to us when we are 18. The problem i am having with my plan is how can i make it so that he has to turn over the company instead taking everything and running.


If this is not the way to go what are my other options.

That would be horrendously stupid way to go. Unfortunately, I don't have any better alternatives to offer other than waiting until you are 18.

 

[tranquility]

You could create a trust to hold ownership of the company with the friend as trustee.