Can A Minor Be The Member Holding The Highest % Of Ownership In An LLC
I am forming a LLC for real estate investing (Wholesaleing). I was given some advice I would like to ask inquire about. Since I have a 10 year old daughter, I was told to make her the "CEO" (highest % ownership), making and paying myself as a consultant to the company or something like that. Reasoning: If someone attempts to sue the LLC, since a minor has the majority % ownership, it will make it very diffcult to go after the minor. Of course I would pay her to do odd jobs up to the max allowable amount according to the IRS. Is this legal, ethical? I am just asking, what are your thoughts on this?
Ok, sounds like a bad idea. This was something that was proposed to me. It seems to be more problems than it is worth.
people have discussed using "plan" building software that interviews you to build the plan.
Have you tried this...?
http://www.thecreativeinvestor.com/residential/Product266-Real_Estate_Business_Plan.html
Derrick,
Use caution BIG BROTHER may be reading your post and it would be the firing squad for sure if they are.
John $Cash$ Locke
[addsig]
I agree with Derick on this one.
It used to be that the government could only use emminant domain for government uses such as a school or a road.
Lately, they have been using emminent domain to take property that could be used for a higher tax base. That means they can take your house and put a Wal-mart in...which local governments have already done.
Try not paying your property taxes on a property you own "free and clear". It is intersting also to read the definitions of words like "real estate", "chattel", etc... There is a big difference between "own" and "control"..
See if the foreclosing bank would give you 30-60 days extension so you could find the estate representative and try to make a deal to take it "subject to" or otherwise buy the property from the estate.