Why can 't two minors enforce a contract between the two of them? How could two minors create a corporation and contract between the two of them dealing with percentages, etc?
Answer
Minors cannot contract under 18 in Michigan. The contracts are unenforceable. Kliszlaw.com. Tim Klisz
Answer
As a Franchise Attorney I agree with the other attorney answer. Minors cannot create enforceable contracts, so any contract entered into by them or between them can't be enforced. The same principle applies to creating a corporation and any agreements between them and the corporation. The way to get a corporation formed and split percentage ownership legally is to have someone who is over 18 involved in all aspects. Once the corporation is formed and properly set up, it could issue stock to the minors in whatever percentages have been agreed on. There should be appropriate bylaws, minutes and perhaps shareholder agreements in place before the stock is actually issued. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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