Daphne Mallory (born in Liberia) is an aspiring television producer, founder of the Daphne Mallory Foundation, media personality and columnist for Entrepreneur Magazine, The Huffington Post and Times News Magic Valley. She has been featured on ABC, NBC, Fox News, CBS, Billboard Magazine, Essence and more. She hosts "Family Business with Daphne Mallory" on 103.9 FM KDKI. She is an advocate for senior citizens and organized the first ever Senior Advisory Commission in Twin Falls, Idaho.
3 Key Agreements Every Family Business Needs in Writing
Family business law is not family law. The latter deals with divorce, child custody, alimony and related issues. Family business law deals with starting, growing and transferring your business. The tricky part is, there isn’t a body of law called “family business law” (although I hope to change that). It’s an intersection of many practice areas, including business law, trusts and estates, property law, securities, non-profit law (ex: for family foundations) and yes, even family law. When looking at legal agreements, you have to borrow from these practice areas and apply them to your family business.
Family business agreement.
In an ideal world, a hand-shake would be sufficient for you and adult family members to launch your family business. That’s difficult to do these days, especially when family members have to protect and care for their children, spouses and estate. A family business agreement gives you legal protection and can serve as a guiding document. If you make decisions contrary to what you agreed upon, you can refer to it. You can use a number of agreements, such as a general partnership agreement or limited partnership