Employing a business owner’s children

Description

Abstract: One unique aspect of owning a business is the ability to hire one’s children. Whether doing so makes sense is more than a business decision. For the children, the answer depends a great deal on one’s intentions for passing the business to future generations, the child’s interest and aptitude, and feelings about how much a parent should “help” a child and how much they should “make it on their own.” However, some real benefits are available when employing children. This article discusses the tax benefits available, as well the opportunity to invest long-term on the children’s behalf.