Donald Trump says he has signed documents to give "complete and total" control of his sprawling business empire to his adult sons.
The President-elect’s announcement comes amid fears he could face conflicts of interest when he enters the White House.
Control of The Trump Organization is to be formally handed over by Inauguration Day on 20 January.
Mr Trump told reporters: My two sons, who are right there, Don and Eric, are going to be running the company.
They are going to be running it in a very professional manner. They’re not going to discuss it with me.
He said he had signed legal papers turning over complete and total control to my sons. Under the agreement, his business assets will be held in a trust.
Don Jr and Eric currently hold executive vice-president roles at the family business.
During Mr Trump’s term, the business will not do any new foreign deals but will be allowed to pursue domestic ones.
An ethics adviser will also be appointed and they must approve any deals that could raise concerns.
Mr Trump’s lawyer, Sheri Dillon, said that his eldest daughter Ivanka would also have no involvement in the business after he takes office.
She is currently an executive vice-president, but due to her husband’s role as Mr Trump’s senior adviser she will step away from the business and move with her family to Washington DC.
Ivanka, 35, confirmed the news in a post on Facebook, saying she would take a formal leave of absence from The Trump Organization and her clothing and accessories brand when her father takes office.
Regarding the family business, she said: My brothers will oversee The Trump Organization, and I know that in their capable hands the business will thrive.
She said: I plan to take time to settle our three young children into their new home and schools.
Ms Dillon added that Ivanka, 35, would not be taking any official role in her father’s administration for now.
Sky’s US Correspondent Hannah Thomas Peter said: He basically said: ‘My children, my sons, are going to run all of that (the business). You’re just going to have to trust me that they aren’t going to discuss any of those details with me’.
The announcement about Mr Trump’s family was made during the President-elect’s first news conference since his win in the November election.
The majority of questions were about claims that Russia has a dossier of compromising information about him.
Mr Trump dismissed it as nonsense, fake news and phoney stuff and suggested US spies may have leaked it.
Meanwhile, Mexico’s peso has hit a historic low, losing 0.9%, after Mr Trump repeated his promise to make the country pay for a border wall and to tax companies that move jobs overseas.
Mr Trump told reporters that Mexico would reimburse the US for the construction, adding: I don’t feel like waiting a year or a year and a half. We’re gonna start building.
And by the way, Mexico has been so nice. I don’t blame them for what’s happened, I don’t blame them for taking advantage of the US. What I say is, we shouldn’t have allowed that to happen.
(c) Sky News 2017: Trump to hand ‘complete and total’ control of business to his sons