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Small business and family business may seem the same on the surface, but there are particular characteristics about each which distinguishes them from the other. The small business is your investment and livelihood. The family business is the same, but more, in that it represents the legacy of your name and in some cases, the memory of your forebears. As to dealings with clients, contractors, suppliers, and employees, legal representation offers the same advice for each type of business. When conducting dealings within the family, your lawyer needs to be aware of particular issues as they relate to a family business.
Small Business Representation
Small businesses require legal representation for a number of reasons. The contracts you offer require legal review to assure their legitimacy, and the contracts you accept need to be perused for validity by a non-interested third party. According to the specifics of your business, you may have insurance obligations to fulfill, contractual designations to be adhered to, and employee labor law always applies. Having a lawyer available to handle such items allows you to run your business profitably and with the good faith of knowing you’re providing a valuable service to the community as you originally intended.
Family Business Specialties
A family business may be a small business in legal terms, yet an experienced lawyer can recognize the subtleties involved when the owners have personal relationships outside of their business interests. Contracts still have to recognize legal aspects of the business and the contracts also have to recognize how each of the others’ well-being as a loved family member is integral to the company. An experienced legal representative will recognize each person’s individual interest in the company while providing for the overall success of the business.
Some situations need a particular style of finesse, such as when a member decides to pursue another opportunity but maintain their interest in the company, or during the emotional time in which shares are divided as part of an inheritance.
Whether you’re involved in a small or family business, it behooves you to have an uninterested third party review your decisions. Likewise, an attorney can validate those decisions and assure the business remains intact regardless of what may be going right, or may be going wrong, at the time. An experienced lawyer with a deeper understanding of the dynamics involved with both small and family businesses can assure your continued personal success.