Hire Family to Be on Your Board of Advisors

Getting your LLC cleaned up is a great opportunity to hold your family board meeting, and that's called a board of advisors. When we set up an LLC for clients around the country, we always ask who's your critical friends or family members that you may travel with? Put them on your board. If you have kids 18 or older, you're helping them out financially at all. Don't give them money. Give them a 1099, put them on the board and give them a payment as a subcontractor and you're going to pay them out of your company. So when your kid calls to go, hey, I need tuition, oh, I got a flat tire, oh, I need to pay rent. You're like, okay, you need to earn it. I need you on my board and I need you helping me out with some marketing, some support in the company, any which way you can. Maybe you've got a rental property near them. Find a justifiable reason for them helping, give support and advice, which is the first piece, being on the board. And then you're going to give them money directly from the company. You're going to just 1099 them out of your company. How you're structured and all that is a big conversation. You may want to get a tax advisory consultation with one of my lawyers or someone in my tax pro network. Just get a consultation, pay for an hour, maybe pay for overall consultation with the trifecta and build a picture of what you want to do with your business.