If you want the dog to respect you and treat you like a dominant figure instead of an equal or lesser, then you're going to have to change your ways. Yeah, it's easy to just be annoyed with the dog, but it would only make the situation worse. Dogs can read our body language very well and know when we are getting annoyed, and they lose our respect if we aren't calm and collected. The pup isn't a person and won't think the same way as a person. Treats and training are KEY. Being calm with the dog instead of getting annoyed will fix a lot of issues. Buy a container of little tiny training treats. Tell the dog to SIT and press the dog's lower back (right where the tail attaches) into a sit position. Immediately give a treat. Do it again. And again. And again. After two or three or maybe fifty times, you'll say SIT, and the puppy will sit. Congratulations! You've just taught the dog that you make the rules! This dog will now have more respect for you and is more likely to listen to and obey you.
Keep at it. I know it seems like a lot, but this is for the safety of the dog and the kids and will give this dog a happy life and give your kids an amazing little friend to grow up with. (I hope you know all the wonderful benefits there are to raising kids with pets! If not, look it up! Having this knowledge makes it easier to deal with this training!) Your dog will jump. Once the dog knows the command SIT, when the dog jumps, you'll say, SIT. The dog will either sit, or you'll press that dog's butt down and give her a treat immediately. Keep some treats in your pocket. The more opportunities you have to tell the dog to sit and to give the dog a treat, the better behaved and wonderful this dog will be.