Updated about 5 years ago on .
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Wholesaling Under 18 with a Partnership
Hi my name is Ryan, I'm 17 from San Diego and I recently have been working with my mentor/partner to Wholesale properties in SD. Because I'm under 18 I can't really sign a contract to Joint Venture and get a commission for the work I'm doing. How should I approach this so I can get a commission of the deal? My mentor/partner has been teaching me his process for wholesaling and giving me a commission on each deal we close while I am helping him out with cold calls and other outsourced work. I've talked to numerous attorneys but many of them have no idea what wholesaling is and how it works and they recommended me to treat it as employment even though we can't. He doesn't have enough capital to pay me a wage, the only thing he can do is give me a commission.
When I talked with the attorneys about creating a business entity (LLC, Sprop,) or if my parent's sign for me they told me the contract would still be invalid under a business entity. I just don't trust their word because they don't understand the concept of wholesaling.
Is there anyone out there that is familiar with both the laws in California and wholesaling who can provide some feedback?