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Can a minor be a sole shareholder in a company?

Asked by: Drew - 26 July, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 Hello,

I am a 16 year old living in Ontario, Canada. I am currently running a sole proprietorship but am interested in incorporating for liability reasons among others.

In what state (if any) can i legally incorporate a company? If i cant, can my parents incorporate it and hold shares in trust for me? Can i be a director or officer?

Thanks
Answered by: Roman Fichman, Esq. - 29 October, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/441.jpg-afd0fd6c303e291a6b8e74727d4f86a1 Drew,

Delaware and New York (for example) do not have an age qualification, so a minor can incorporate a company and own shares. You will need your parents, a legal guardian or a trust to convey or sell these shares, since this requires a minor to execute a written agreement.

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