Can a Minor be a Member of an LLC?

Jennifer Reuting: Author By Jennifer Reuting, author of Limited Liability Companies for Dummies™

Question:

If I form a LLC with my husband and my 18 month old child (as a silent partner) -- does this satisfy the multi-member LLC requirement?

Answer:

In most states the members of the LLC are required to be a live person over the age of 18. A minor can own an interest in an LLC through a custodianship account or an irrevocable trust. An LLC can own an interest in an LLC. You are going to want to verify with the IRS to see if your minor member is enough to satisfy the requirement. The IRS toll-free business hotline is (800) 829-4933.

Order Limited Liability Company (LLC)

Disclaimer: This information is made available by MyLLC.com, Inc. (the "Company"), and is intended for educational purposes only, and it is not legal or tax advice. No action should be taken in reliance on any information in or on this site without verification with legal or tax counsel, after review of the facts and current law, that the action to be taken is appropriate under the circumstance. Except as expressly provided to the contrary in writing by the Company, the materials contained on this site are provided on an "as-is" basis without warranties of any kind, either express or implied. Company disclaims all other warranties, express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to the information, content and materials on and in the site. Company does not represent or warrant that materials on and in the site are accurate, complete, reliable, current or error-free.

Article of the month!

Pass-Through Taxation and LLCs