On 1/15/19 5:44 PM, jason wrote: > I will issue a common stock, but I am not eligible to own a legal entity > until 21 years old. It's a dillema, it does sound I loan capital to the > business as of right now. Is it okay to issue a common stock with par value > of $100. Although, I don't have a legal entity? >
In the mid-1959s in New York State, a friend of mine and I wanted to start a company and we were both under 18 years of age; we were still high-school students. We did not want to issue stock, but there were other problems: 1.) Banks would not allow us to have a checking account until at least one of us was over 18. 2.) We had to file a declaration in City Hall called a Certificate for Doing Business Under An Assumed Name, in which we had to state that we were (legal) infants. An attorney was required to do this, and a fee paid to the county clerk to file it. 3.) To set up a legal corporation, and issue stock (not listed on a stock exchange), we needed a board of directors all of whom were adults (i.e., over 21 years of age). A corporation like that was authorized to issue up to 200 shares of stock, although the board of directors, if authorized by a majority of stockholders, could authorize the issuance of more shares. We never did set up the corporation. I do not know if any of that applied in other jurisdictions, and I do not know if the laws are still the same as 50 years ago: I pretty-much doubt it. -- .~. Jean-David Beyer /V\ PGP-Key:166D840A 0C610C8B /( )\ Shrewsbury, New Jersey ^^-^^ 21:10:01 up 11:44, 2 users, load average: 4.14, 4.29, 4.39 _______________________________________________ gnucash-user mailing list [email protected] To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
