A successful family business requires strong governance

Description

Abstract: For a family business to provide financial security for current family members and future generations, the company must have strong governance. It starts with the initial organization (or reorganization) of a business into a corporation, partnership or LLC. This article focuses on the corporation, which is required by law to have a board of directors and officers and to observe certain other formalities. The article also looks at estate planning strategies, including having a well-designed buy-sell agreement.