It happens all the time. You and your spouse are chatting over pizza one night and an app idea pops into your head. Or your sister pitches you to invest in some real estate with her. Maybe a friend asks if you want to partner on a cool new business she’s been wanting to start up. Or maybe your parents offer up a position for you in their business when you finish college. Whatever the situation, it is all too common that these businesses get going informally, and this can create major problems if the business grows, or worse, if the business goes south. Going into business with family or friends is always risky, but when done right, it can be quite rewarding. Consider these as your starting point when starting a family business:
Starting a family is an exciting, chaotic, adventurous time. Sometimes it’s planned. Sometimes it’s a pleasant (or terrifying) surprise. In all cases, it results in the creation of a life for whom you are physically, emotionally, financially, and legally responsible. Super exciting to take that on, right? There are enough challenges to being a new parent, so follow these steps to tackle the basic legal considerations that arise when you start a family.