A: This simply means the date on which a minor can legally be bound under a contract (other than a contract of necessity - like medical services). Generally that is age 18. Please let me know if I can be of further assistance. www.ruskcountylaw.com
(licensed in WI and IL)
A: First you'll need to figure out how you want to run the business, what sort of activities and industries are involved in the business endeavor, and whether the investment is in cash, labor, or assets. Business licensing and tax issues may influence the contours of the enterprise.
Given the foregoing, there are a number of ways that you can be an investor in a business: the investor can loan money; the investor can own shares in a statutory entity; the investor can be a common law partner in the business; or the investor can lease assets it owns to the business. The more the investment looks like debt or a lease of assets the more likely it will resemble a silent or non-managerial investment. The more the investment appears to get involved in management, the more likely it will be a voting equity, or partnership type investment.
Once you figure out the enterprise and what it will be doing - you and your silent partners can figure out whether the business investment will be debt, equity, or some other purely contractual arrangement.
You should seek advice from an attorney that is knowledgeable about the industry. Most industries have national and local associations. Those associations may have best practices about the industry - getting started, formation, and ways to minimize risk exposure.
The foregoing is for discussion purposes only and should not be construed as legal advice.
A: Under the 2005 amendments to the bankruptcy code, a person can't obtain a bankruptcy discharge within eight years of their last bankruptcy discharge. A Ch. 13 can be filed, or a Ch 7 case can be converted to a Ch. 13, if the plan payments will conclude outside the eight year window between the previous discharge.
The foregoing information is for discussion purposes only and should not be construed as legal advice.