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#1
02-27-2012, 04:30 PM
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Students and taxes
I am considering starting a small business where I will be selling un-wanted and out dated inventory.
One contact I have says he has to 1099 me, another says he will not. (not sure why the difference) Question is, should I set this up in my son's name? He is 15. We will be bringing in about 15K a year and I want to use the money to fund his college and pay for some hunting and fishing. What are my down sides? He has to be in a lower tax bracket than me for sure. Any advice or input would be helpful Oh, can he be a priciple in a LLC? 
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