Leadership Across Generations: - IAM

Contour
co-owners
Vera Sumetskaya
and Serguei
Tcheiguine in
the company’s
conference room
throat battle of survival, we can work together to reduce
unnecessary losses. We do not believe that top-notch
services and profitability are inspired by antagonistic
competition.
Contour Logistics has been pioneering the groupage
market in the United States since 2001 and has delivered
more than 30,000 such shipments for their overseas
agents since then. Our experience in this sector and our
close-knit partnerships with overseas agents have allowed
us to excel in these services. We are now expanding
upon them to offer cost-efficient delivery options to
a greater coverage area by offering an inexpensive shipping
option to the West Coast via Philadelphia groupage
services. Despite the increasing gas prices and a testing
economy, we have worked hard to keep our Philadelphia
groupage rates unchanged since 2008. We want
to contribute to an atmosphere that is attractive to our
overseas colleagues and also favorable to our domestic
contenders. We are not looking to step on anyone’s toes.
Collaboration is key here!
Running a Family Business
Within the Law
A re you starting or currently operating a family business in the
United States? Whether you’re working with your spouse, your
child, or with the whole family, you should be aware of several regulations
that make your business different. Although family-run businesses
must comply with all general legal steps in starting and managing
operations, being in business with family can have additional implications.
Here are the guidelines for running a family-owned business
within the law.
Working with a spouse. Choosing to run a business with your husband
or wife can be difficult on many levels. Legally, this relationship
will affect the way your business pays taxes. Although most spouserun
businesses are considered partnerships, and pay taxes as such, you
have the option to opt out of this classification and instead you can be
treated as sole proprietors for tax purposes. It’s important to understand
IRS guidelines and requirements and consider how each classification
would affect your business before deciding on a classification.
Employing your child. Many family-run businesses allow their
children to help out in one way or another. If you chose to employ one
or more of your children, it’s important to remember that this decision
will affect the way your business is taxed.
Payments made to a child who works for his or her parent are
regulated by a different set of guidelines than a general employee.
Generally speaking, payments made to children working for a parent’s
sole proprietorship or partnership where each partner is a parent may
not be subject to Social Security or Medicare taxes. Additionally, payments
made to children under the age of 21 (except those in situations
mentioned above) may not be subject to federal unemployment tax.
Tax information is always subject to change, so for the most up-to-date
information, see IRS.gov.
Employment of a child is also affected by child labor law regulations.
Although there are strict laws that detail appropriate jobs and
hours based on age, children working for a parent generally fall under
an exception to these laws. It’s important for parents to examine these
laws closely because there are some instances where they are required
to uphold the same standards as all other child employers. An example
of this would be for those involved in a hazardous occupation as determined
by the Department of Labor. No parent is allowed to employ
their child in one of these occupations if they are under the age of 16.
Employing a parent. Payments made to a parent employed by
their child are also held to a slightly different set of guidelines. Similar
to normal employees, all payments are a subject to income tax withholding
and most payments are subject to Social Security and Medicare
taxes. Unlike normal employees, however, under certain circumstances,
Social Security and Medicare taxes may not be withheld. Check with
your state department of revenue for details in your area. In all cases,
payments are not subject to the federal unemployment tax.
—SOURCE: U.S. Small Business Administration