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There's one other issue that no one's brought up... a 17 year old (in the US, at least) can't legally enter a contract, and his/her parents are responsible legally for everything. If the kid is running a site, or participating in one, hasn't told Mommy and Daddy, and they find out, my guess is that whomever is promoting the site/managing the site will find their ass in serious trouble, whether there's any adult content or not.
Legal or not, some prosecutor somewhere will find a reason to make a big publicity deal out of it and charge you with "contributing to delinquency" or something... you don't really want to be hauled in front of a jury and have some prosecutor talk about your porn businesses and then accuse you of "grooming" this kid... the jury will lock you away and throw away the key.
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