Episode 112 - Hiring Your Kids in Your Business? What to Know First

Most business owners have heard this idea at some point. Can I pay my kids through my business? The answer is not a simple yes or no. It depends on how the arrangement is structured, what rules apply, and whether the work being done is legitimate. In this episode, we walk through how this concept is commonly approached and where misunderstandings can happen. What sounds simple on the surface often requires careful planning, clear documentation, and an understanding of how different business structures may impact what is permitted. We also explore the broader considerations that go beyond the structure itself. For many families, this becomes less about the mechanics and more about how responsibility, compensation, and involvement in a business are introduced to the next generation. Throughout the conversation, the focus remains on what business owners should be aware of before taking action, including the importance of maintaining appropriate records and working with qualified professionals to evaluate individual circumstances. This discussion is intended to provide general information and considerations only. It is not a recommendation or a one-size-fits-all approach. #familywealth #nextgenwealth #businesowners #teachkidsmoney #wealthbuilding #financialplanning #wealthmanagement   ---    Information and ideas discussed are general in nature and should not be considered specific financial, legal, or tax advice. This content is for informational purposes only and does not create an advisory, fiduciary, or attorney-client relationship.   All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results. Examples discussed are hypothetical and for illustrative purposes only. Individual situations will vary.   You should consult your own financial advisor, tax professional, or attorney before making any decisions.   Advisory services offered through TriCord Advisors, Inc., a Registered Investment Adviser. Jeremiah Lee is a California licensed attorney. Randy Barkley is a life insurance agent (CA License #0518567).