Can My Minor Child Work for My Corporation?

Cheerful colleagues enjoying working process and cooperation, writing in notebooks and talking, skilled students preparing homework task together doing group project in college library

Corporations (C and S types) can generally hire the children and other family members of the corporation’s shareholders to work in the business provided that they comply with applicable state and federal employment/labor law. For example, child labor laws generally apply to business owners’ minor children (children under the age of 18) unless an exemption…

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Why Many Owners Don’t Want Their Kids to Inherit the Company

a carpenter showing their child an aspect of their business

Being a business owner is considered an “American Dream” by many, yet when it comes to succession planning, a recent survey reveals that not everyone feels the same way about passing the torch onto their children. Many owners don’t want their kids to inherit the family business. The survey was conducted by Versta Research on…

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5 Exit Strategies For Small Business Owners

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Every small business owner has different long-term goals. Some may be content leading the business for decades, while others might see it as a passing experience or short-term investment. No matter your goals or timeline, you may be looking to move on to your next chapter. Read on for five potential exit strategies for small…

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Safeguarding a Family Business: 3 Essential Steps

twin brothers as business partners

There are countless benefits to setting up a family business, including the ability to combine shared assets, create a legacy, and spend more time with the people you love. Whether you start an enterprise with your partner, your parents, or even your cousins, the improved business communications and dedication of everyone involved can play an…

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