Legal Question in Business Law in California

Re: Corporation

http://letmegooglethatforyou.com/?q=uniform+transfers+minors+act+california

Re: Corporation

Yes, children can own property of all kinds, including corporate stock, but since their contracts are generally unenforceable, it is usually a bad idea for kids to be in the loop on co-owning businesses or having investment accounts in their own names. They can own property, but their ability to deal with it themselves is severely limited. In order not to have to get a court order every time a minor's interest in property must be sold, alternatives should be considered.

Children often acquire property by inheritance or other type of gift. If the testator or donor is thoughtful, and cautious, the bequest or gift will provide for some kind of trusteeship or other fiduciary to care for the property until the minor is legally old enough to make enforceable contracts. Brokerages as a general rule will not deal with under-age buyers or sellers of stock. Often, court orders are necessary.

There is a frequently-used law called the Uniform Transfers to Minors Act which provides for a responsible adult to act as a custodian for the minor. The adult is allowed to do things like buy and sell stocks for the minor's account, but is acting as a fiduciary and must turn over the assets and account for them when the minor turns 18.

Your question was quite general and unspecific, and while the basic answer is yes, children can hold title to all kinds of property, it can be a cumbersome situation when it occurs. Maybe you need specific legal advice based on the particulars of the situation.