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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 116755
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I opened up a Corporation in New York State in 2010. I am listed

Customer Question

I opened up a Corporation in New York State in 2010. I am listed as the sole member of the Board of Directors. I am also a 50% Shareholder. I also listed my partner who as a 50% shareholder, he was 17 at the time ( He is now 18 years old). My question is: Is there a minimum age requirement of 18 to be a shareholder of a New York Corporation? If so, is the corporation legitimate? Am I exposed to any liabilities? If so would there be any recourse, or is there no problem now since he is 18 now. By the way, the company is still an inactive corporation.

My corporation is an S-Corporation as well.

Thank you for your time
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
Yes, a person under 18 can be a shareholder in a corporation, BUT under 18 the shares are supposed to be held by a guardian in a Uniform Gift to Minors Act account. If they are 18 now it is a moot point.

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Customer: replied 6 years ago.
Just to be clear since it is a moot point I am not exposed to any legal liabilities, since I didn't use the Uniform Gift to Minors Act account?
Expert:  Law Educator, Esq. replied 6 years ago.
No, they are 18 now and eligible to be a shareholder in their own legal right.
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Customer: replied 6 years ago.
The shareholder also signed a the Waiver of notice of annual meeting of shareholders (minutes) when he was 17 years old. Both of our signatures are on there as well. Does his signature valid even though he is was 17 at the time? I obviously can't go back in time, and it is required for there to be annual meetings.
Expert:  Law Educator, Esq. replied 6 years ago.
Again, it is really a moot point and the only time that annual meeting would have been an issue would have been if a shareholder would have made a complaint at the time no annual meetings were held. Now it is over and done with
Customer: replied 6 years ago.
He was also listed as a director when he was 17. New York State does not allow minors to be directors in corporations. Should I file an amendment or does it not matter since he is now 18. I'm just concerned that the corporation will be deemed illegitimate.
Expert:  Law Educator, Esq. replied 6 years ago.
Your corporation is legitimate now, as discussed all of the past issues are moot as you were not challenged while he was a minor and now he is legal to hold the interest and the position of director.