Can a minor start an LLC in PA?

Can Minors Own an LLC? An LLC’s members (owners) can be individuals, or other business entities such as other LLCs or corporations. An LLC can have any number of members—anywhere from one to thousands. There is nothing that prevents a minor from being a member in an LLC.

How old do you have to be to form an LLC in PA?

at least 18 years old
An individual registered agent must be a PA resident and at least 18 years old. A company that’s authorized to do business in PA can also serve as the registered agent.

Can a minor be a shareholder of a company?

Yes, a minor can become a shareholder of a company, if the shares of a company are gifted to the minor. As Minors cannot enter into a legally binding contract, they cannot become a shareholder by purchasing shares under a share purchase agreement.

Is there an annual fee for LLC in PA?

Unlike most states, Pennsylvania does not require LLCs to file an annual report. An annual fee of $520 times the number of members of the LLC must be paid.

Does Pennsylvania have PLLC?

A Pennsylvania professional limited liability company (PLLC) is a business structure available to licensed professionals. Its flexibility is one of the secrets behind its popularity. The process to register a Pennsylvania PLLC is fairly simple, and with the right help, it can be quick and easy.

Can a company be registered in a Minors name?

Can a Minor become a shareholder of a company? Yes, a minor can become a shareholder of a company, if the shares of a company are gifted to the minor. As Minors cannot enter into a legally binding contract, they cannot become a shareholder by purchasing shares under a share purchase agreement.

What are the legal requirements for an LLC name in Pennsylvania?

Pennsylvania requires that an LLC’s name contain term “company,” “limited,” or “limited liability company,” or an abbreviation of one of those terms.

Can a minor be a member of an LLC?

An LLC’s members (owners) can be individuals, or other business entities such as other LLCs or corporations. An LLC can have any number of members—anywhere from one to thousands. There is nothing that prevents a minor from being a member in an LLC.

Who can form a Pennsylvania restricted PLLC?

Anyone who holds a state license to provide one of the above services must follow the rules for forming a Pennsylvania restricted PLLC instead of a regular LLC. All other professionals can form a regular LLC but may be subject to additional rules and restrictions for professionals under Pennsylvania state law or their professional licensing board.

What is a specialized limited liability company in Pennsylvania?

Several types of specialized limited liability companies may be organized under Pennsylvania law. These limited liability companies may be formed as such at the time of filing of the certificate of organization or may elect specialized status by amendment of existing certificate with the requisite vote of the members.