I want to register a company for my kids. I want something they can grow up to run, but I don't know if the law permits that. My son is three years old and my daughter is five years old.
Please advice me.
Thank you.
Adunni Charles.
Hi Charles,
That’s wonderful of you to think of your children that far.
The provision of the law by section 20 of CAMA states persons disqualified to form a company. It includes
a person under the age 18.
A person of unsound mind as found by a court in Nigeria or elsewhere
A person undischarged bankrupt
A person disqualified undru section 254of CAMA.
However, if there are other two persons that are adults and aren’t disqualified according this section, then the minor cannot be disqualified.
This is to say that you can register a company and make two of your children members or shareholders of the company, as long as you have 2 more adults as shareholders too.
As shareholders they are part and parcel of the company but can start making decisions or become directors when they attain 18.
You can further inquiry from any us here on business legal for quick action.
Thanks and good luck.
Hi Charles,
That’s wonderful of you to think of your children that far.
The provision of the law by section 20 of CAMA states persons disqualified to form a company. It includes
a person under the age 18.
A person of unsound mind as found by a court in Nigeria or elsewhere
A person undischarged bankrupt
A person disqualified undru section 254of CAMA.
However, if there are other two persons that are adults and aren’t disqualified according this section, then the minor cannot be disqualified.
This is to say that you can register a company and make two of your children members or shareholders of the company, as long as you have 2 more adults as shareholders too.
As shareholders they are part and parcel of the company but can start making decisions or become directors when they attain 18.
You can further inquiry from any us here on business legal for quick action.
Thanks and good luck.