• Last Updated:
  • Jan 29th, 2020 7:20 pm
[OP]
Newbie
Aug 25, 2011
26 posts
2 upvotes
Toronto, Ontario

Small Family Business Advice

Hey

My father and I are in business together, its a corporation, he holds 100% of shares in the company. He wants to make me a 50% partner and I want him to take the excess cash out of the business before that to protect himself. I'm not sure of the best way to go about that, we both take salarys from the corporation and I don't believe he's ever taken dividends. The company currently has a cash supply of lets say roughly $400k that it doesn't need for operating. We're not interested in reinvesting that in the business or growing the business much beyond what it currently is, the cash is currently just sitting in the company bank account doing nothing, not even earning any interest.

I'm basically just looking for advice on the entire situation as neither of us as very savvy legal/financial side of the business
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