Can minors be listed as members of an LLC? 4 Answers as of January 18, 2011

Can minor children be listed as members of an LLC? And can another LLC be listed as a member?

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Givner & Kaye
Givner & Kaye | Bruce Givner
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.
Answer Applies to: California
Replied: 1/18/2011
Mankus & Marchan, LTD
Mankus & Marchan, LTD | Tony Mankus
A minor can be a member of an LLC, although his interest and actions would have to be represented by a guardian. Another LLC can be a member. Some States may place various limitations. Consult with a tax attorney in your State.
Answer Applies to: Illinois
Replied: 1/12/2011
Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
This is not done in most cases. Prudence would dictate having a trust formed to hold any LLC interest on behalf of the minor.

As to an LLC being an LLC member this is possible. Generally, LLCs do not restrict who can own an interest in them. Where there is a Subchapter S corporation, ownership is restricted to those permissible under the S corporation statute and provisions.
Answer Applies to: Pennsylvania
Replied: 1/11/2011
LT Pepper Law
LT Pepper Law | Luke T. Pepper
The owners must be at least 18.
Answer Applies to: Pennsylvania
Replied: 1/10/2011
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