In a family business, the idea of having a board of directors might seem like overkill, or an expense you can’t afford. Most companies don’t bother to get one until they pass $50 million in revenue–which can be a big mistake, with a heavy price tag.

To be fair, it doesn’t seem like the most important thing when you’re in startup mode…

Family business owners often get tangled up with being “fair,” especially when they make their children stockholders in the business. We get the question often: “Should we pay bonuses, or dividends?”

Unless you are good with the numbers and tax law you should turn to a CPA or tax attorney for help. That is a good place to start, because bookkeeping and staying current with the tax man is no laughing matter…