If you have a small business and people like family members fund and support your business financially what kind of legal trouble should you look out for if any?
I am not completely sure. I would assume since your family members are financially backing your business you might what to make legal ledgers and account for the funds this helps in case of IRS audit. If you are starting a new business these loans or debits should be accounted in your business plan stating how much was from fund investment.
It also helps to understand if the money is a loan or a gift you can avoid petty small claims lawsuits that way.
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