Managing a family business is difficult enough when the founding generation is still alive. When the founders pass, however, the legal, business and family issues become much more complex because the adult decision makers that everyone relied upon, respected, and listened to, are gone. The children of Robert Smith – Mary, Josh and Matthew – […]
How to Better Run Your Family Owned Business
Defining and navigating roles and responsibilities in any business is fundamental to the success of that enterprise. To create a culture of professionalism and accountability, every member of the team must have distinct and clear responsibilities. This is often easier said than done in the unique environments that frequently define family businesses. Often, a family […]
Beware of Successor Liability in Connection with Family Owned Business
A corporation ordinarily is not liable for the debts of other entities or its owners in the absence of an express agreement, such as a guarantee. However, a creditor of one company may try to impose liability on one or more non-debtor entities under “alter ego” or “successor liability” theories in certain circumstances. In these […]