My kids now regularly help me with the IT and management of my side business corporation. they are young but much more tech savvy. I want to pay them them in the form of Roth IRA. What is the easiest way to do it? I have had two basic recommendations:
complicated way:
a) open checking/bank accts for both of them
b) hire online payroll company to pay them
c) using their individual checking/bank acct, open and fund Roth IRA
easy way:
a) document in my corporation minutes that they are hired and as to what position + pay
b) purchase roth IRA directly under their name
What is the correct and easiest way?
complicated way:
a) open checking/bank accts for both of them
b) hire online payroll company to pay them
c) using their individual checking/bank acct, open and fund Roth IRA
easy way:
a) document in my corporation minutes that they are hired and as to what position + pay
b) purchase roth IRA directly under their name
What is the correct and easiest way?
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