[blindlaw] Businesses owned by Minors

[WB]

I agree with Tim.  I've seen it done that way before.

Also, I'm not sure how far reaching this is but I was under the impression
that a contract that was entered into by a minor became enforceable when
they acted upon it.  Example, when minors sign up for the BMG music catalog.
If they never make an initial payment, it is not enforceable.  If they make
one payment, it is enforceable.  I knew this to be the law in Texas a few
years back but am not sure if it has changed or if I was mistaken.

Can someone who knows Texas law clarify that for me?

-----Original Message-----
From: blindlaw-bounces at nfbnet.org [mailto:blindlaw-bounces at nfbnet.org] On
Behalf Of Tim Shaw
Sent: Saturday, September 26, 2009 10:39 PM
To: blindlaw at nfbnet.org
Subject: Re: [blindlaw] Businesses owned by Minors


ah but if he incorporates then it is the corporation entering into the
contract, not him, and a minor can enter intoa contract as an a- hehgent of
a company. otherwise when you didnt return your movies to blockbuster on
time you could say oh we dont have a valid contract. I would say ncorporate
and list another person as swell as him as owner and management of the
company, and then once he turns 18 they can just hand oer total owenership
to him. He could even say they only owned like 5% of the company if he was
worried about themt rying to take control of the cmpany.
 
> From: ckrugman at sbcglobal.net
> To: blindlaw at nfbnet.org
> Date: Sat, 26 Sep 2009 20:04:39 -0700
> Subject: Re: [blindlaw] Businesses owned by Minors
> 
> What would pose more of a problem is that a minor unless they are 
> emancipated does not have the capacity to enter in to any legal contracts 
> that are binding in most states.
> Chuck
> ----- Original Message ----- 
> From: "Aziza C" <daydreamingncolor at gmail.com>
> To: "NFBnet Blind Law Mailing List" <blindlaw at nfbnet.org>
> Sent: Saturday, September 26, 2009 5:52 PM
> Subject: Re: [blindlaw] Businesses owned by Minors
> 
> 
> Would that pose a problem considering their is not a location for this
> label yet?
> 
> On 9/26/09, Tim Shaw <timandvickie at hotmail.com> wrote:
> >
> > Id say incorporate and then get all the liscences and stuff in the name
of
> > the company as the corporation is its own intentity;)
> >
> >> Date: Sat, 26 Sep 2009 16:24:51 -0700
> >> From: daydreamingncolor at gmail.com
> >> To: blindlaw at nfbnet.org
> >> Subject: [blindlaw] Businesses owned by Minors
> >>
> >> Hi everyone,
> >> I was wondering if there were any laws preventing minors from owning
> >> companies/businesses. A friend of mine, aged seventeen, is hoping to
> >> start his own record label; so I pulled up a business plan, and an
> >> outline of what licences need to be filed for and all that fun stuff.
> >> My question is can he be a holder of a business and or retail licence
> >> at his current age?
> >>
> >> Thank you.
> >> Aziza Cano
> >> California Association of Blind Students Secretary
> >> Young Energetic Students Supporting Independence, NFBC Channel Islands
> >> Chapter President
> >> Tack-Tiles Registered Sales Representative
> >>
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