ANSWERS: 3
  • An unemancipated minor can't lawfully create an LLP.
  • First, are you sure this minor can create an LLP in your jurisdiction? In many states LLPs are only permitted for professionals (e.g. accountants, doctors, lawyers). Second, if the minor can create an LLP, the contracts entered into by the minor would be enforceable. This is because the minor is not entering into the contract. Rather, the LLP is entering into the contract. Of course, this is somewhat of a moot point because most entities will only contract with a startup LLP if the partners provide a personal guarantee.
  • All contracts are enforceable unless they involve any of the following criteria: Entered under duress. One party was (is) insane. One party was (is) a minor. The contract involved illegal subject matter or action. One party was under the influence of drugs or alcohol. Under these circumstances, the contract becomes "voidable".

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