Can a minor run a corporation?
My friend is giving his younger brother a small >$30000 clothing and textiles business to take over and run.
Hes making his brother the sole owner (100% shares transfered to him) and his brother will become the CEO.
My friend is being forced by his dad to do this, his dad wants to test his younger son to see if he can manage a business.
Thing is, the boy in question is only 16.
This is a legal corporation and everything, so I was just wondering if it is illegal for a minor to run a business?
Me and my buddy are trying to find out everything we can on the internet but so far we have had no luck. Theres no mention on the internet on who can run a corporation..
We can't speak to a lawyer because were out of the country.. So I thought I'd ask RFD. Any and all help would be appreciated.
Oh and my friend isn't opposed to his brother taking over the business, we just want to make sure its legal.
Hes making his brother the sole owner (100% shares transfered to him) and his brother will become the CEO.
My friend is being forced by his dad to do this, his dad wants to test his younger son to see if he can manage a business.
Thing is, the boy in question is only 16.
This is a legal corporation and everything, so I was just wondering if it is illegal for a minor to run a business?
Me and my buddy are trying to find out everything we can on the internet but so far we have had no luck. Theres no mention on the internet on who can run a corporation..
We can't speak to a lawyer because were out of the country.. So I thought I'd ask RFD. Any and all help would be appreciated.
Oh and my friend isn't opposed to his brother taking over the business, we just want to make sure its legal.