POSTS TAGGED : family business

6 Reasons to Hire Your Children

Hiring your children to work for your company can be rewarding. However, you should comply with the set laws when employing them. Children under 14 years can’t be employed unless there’s an explicit exemption provided in federal law. Kids below 16 years employed in a non-agricultural setting in a business that you, the parents, solely own can work for any amount of hours and at any time of the day.

Family business

photo credit: Redd F / Unsplash

You can hire them to work in your farm in any occupation, provided it isn’t dangerous, for unlimited hours. However, you cannot employ your child in mining, manufacturing, roofing, and other hazardous jobs.…

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5 Challenges In Running A Family Business: How To Deal With Those

Family businesses typically achieve more success than non-family businesses. However, that doesn’t mean that it’s all smooth sailing for every family business. Apart from business-related challenges, families also have to keep their interpersonal relationships healthy. After all, a family whose members are in discord can very rarely succeed as a collective that runs a business.

Family business owners

In this blog, we will take a look at five of the biggest challenges that family businesses may encounter. We will also discuss the steps that families can take to overcome these challenges and keep their respective businesses heading in the right direction. So, without further ado, let’s get started.…

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Legal Considerations for Your Family-Owned Business

According to CPApowered.org, as much as 70% of family-owned businesses will not survive a transition to the next generation (SOURCE IN MINUTE ONE OF VIDEO). Considering that small and mid-sized businesses are the backbone of the American economy, that number is quite staggering. If you are planning on getting into business, you already have a lot on your plate. Thinking about the future may not be on your mind but it should be.

Father and son in a family business

Not every business owner has to be a lawyer, but you are expected to have a basic understanding of laws and how they may affect your business.…

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Advantages of an LLC over an S Corp for a Family Business

When starting a business it is important to determine what type of legal entity the company is going to take. Many businesses are started by one individual which makes them a sole proprietor when they are starting.

As businesses grow they often get changed into a partnership or a corporation. If the owner decides that they want a corporation, there are two types that are more common than others, the limited liability corporation and the S Corp. The LLC has a lot of advantages over the S Corp.

LLC benefits

Advantages of an LLC

There are four main advantages of an LLC.…

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