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BankersOnline.com Forums State-Specific Compliance Issues Pennsylvania minors and partnerships
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#1071072 - 10/27/08 02:11 PM minors and partnerships
law Offline
100 Club
Joined: Jan 2006
Posts: 154
I know it is legal in Pennsylvania to open an account for a minor. It is my understanding he would be held liable as an adult. What about opening a checking account for a partnership when one of the partners is a minor? Should/can it be opened? What are the liabilities to the bank? Is this something that should be done?

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#1075104 - 11/03/08 03:49 AM Re: minors and partnerships law
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,251
Galveston, TX
Can a minor enter into a binding contract in PA (outside of any specific statute that deals with deposit accounts)? I would think not and the partnership would most likely be null and void.
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#1080435 - 11/12/08 04:12 PM Re: minors and partnerships rlcarey
law Offline
100 Club
Joined: Jan 2006
Posts: 154
Sorry it took me a while to respond. It is legal in PA for a minor to open an account. I wasn't sure how a partnership would work.

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