Separate the business from the family. If you are named in the business as a shareholder or member, hire an attorney to help you legally remove yourself. Pay your share of this year’s taxes and get out before December 32st to avoid next year. Cut your losses. Explain to your parents that they can hire a manager to take over for you. If they can’t make it work without you, that is their issue as the business owners.
This same situation absolutely ruined my in-laws and I helped them through this process. There is a way out.
Separate the business from the family. If you are named in the business as a shareholder or member, hire an attorney to help you legally remove yourself. Pay your share of this year’s taxes and get out before December 32st to avoid next year. Cut your losses. Explain to your parents that they can hire a manager to take over for you. If they can’t make it work without you, that is their issue as the business owners.
This same situation absolutely ruined my in-laws and I helped them through this process. There is a way out.