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Things to Consider Before Becoming Family Business Partners

On Behalf of | Dec 22, 2016 | Business Law

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Attorneys who specialize in business law have the expertise to address any number of issues that may affect company owners. A family-owned business often comes with several considerations that are important to keep in mind for the benefit of all concerned.


What Role Will Family Members Play?


Family members often make good business partners, but it’s important to decide what role everyone will play early on. One option that you may want to use to your advantage is giving your family member equity over time. Consulting with an attorney to determine that best way to handle the equity stake and the associated shareholder agreements is a good way to keep this process hassle free.


When Things Go Wrong


Although it is a situation most would like to avoid, one important consideration is what to do if there is ever a serious disagreement. A serious disagreement often occurs over money. However, major disagreements can happen over differences in business policies and aspirations. Additionally, another serious situation to consider in your legal agreements is what will happen if a family member decides to get out of the business.


Succession Plans


Everyone who owns a business needs to think about successors in the event of death or incapacitation. An attorney can help business owners prepare for this sort of situation so that the company passes to its new owners or partners with as little difficulty as possible. Getting the help of a lawyer for these situations is an important part of good planning.

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