Family Own Businesses

.Family businesses can operate for generations without formal agreements, licenses or even a legal structure, relying instead on family bonds to hold everything together. Attorney, Chas Rampenthal, explains why this approach may not be such a good idea in the long-run. In this article, Rampenthal shares how to avoid four common mistakes when operating your family owned business.

1. You mix your family finances with the business's

2.You muddle along with no employment agreement

3.You never bother to get the license

4. You have no succession plan
 
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