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Family Businesses

Benefits of Family Philanthropy: A Real World Example

In our current series of blog posts, Diving Into Family Philanthropy, we are exploring the choices available to families that wish to engage in family philanthropy....more

How Leaders Shape Culture

by Saul Ewing LLP on

St. Joseph's University's Initiative for Family Business and Entrepreneurship hosted business consultant Jeff Grimshaw at its Dine With The Dean breakfast meeting on Thursday, April 20. After remarks by the Dean, Joseph...more

Corporate Formalities Matter in the Transfer of Shares of Family-Owned Businesses

by Murtha Cullina on

Shares in family-owned businesses are often transferred between family members, whether through a sale or gift during a shareholder’s lifetime or through inheritance after an owner’s death. The parties to such a transfer...more

Five Good Reasons to Have Independent Board Members

by Davis Wright Tremaine LLP on

Family-owned businesses that have independent board members are frequently among the best-managed and best-governed. They have reached a level of maturity where family members recognize that outside voices provide stability,...more

[Webinar] FCPA Violations – Only a Risk For Big Companies? - April 25th, 1:00pm CST

by Robins Kaplan LLP on

Tuesday, April 25, 2017, 1:00 P.M. CST -- In November, J.P. Morgan paid $264 million to resolve FCPA offenses related to its “Sons and Daughters Program.” Could a small, entrepreneurial company find themselves in similar...more

Diving Into Family Philanthropy (Segment I): What are the benefits of family philanthropy?

1 – Teaching your financial values to the next generation. Your financial values include your beliefs about how financial resources should be managed and utilized. We all have them, though we may not have taken the time...more

Episode 7: Conflict in the Family-Owned Business: A Conversation with Professor Benjamin Means  [Audio]

by Farrell Fritz, P.C. on

As many litigators will tell you, “business divorce on steroids” aptly describes the tenor of litigation that can erupt when members of a family-owned business have a falling out. No one has devoted more scholarship to the...more

A Pair of Unbrotherly Business Altercations Go to Trial

by Farrell Fritz, P.C. on

Like most civil cases, the vast majority of business divorce disputes get resolved before trial, which is disappointing for us voyeurs since only at trial with live witnesses undergoing cross examination does one get the full...more

Diving into Family Philanthropy

Over the next several posts, we will be diving into the topic of family philanthropy. Since the topic is so broad, we have divided it into segments that we will cover in the coming weeks. Each segment is intended to give you...more

Update on 2704 Proposed Regulations and Impact on 2016 Gift Tax Reporting

by Dickinson Wright on

Following the December 1, 2016 public hearing, the IRS reportedly began working on revisions to and clarifications of the new 2704 proposed regulations. While the uproar from the estate planning and accounting communities...more

How to protect your family-owned business from your child’s spouse

by Thompson Coburn LLP on

For most people, a child’s wedding is one of those great life moments that is filled with months of planning and excitement. However, for people who own a family-owned business, the old myth that 50 percent of marriages end...more

Are you paying your children too much to work in the family business? The IRS might think so.

by Murtha Cullina on

A United States Tax Court recently issued a decision after trial that should serve as a reminder to management and controlling shareholders of family-owned businesses that salaries or other compensation paid to family-member...more

Top Highlights from PwC Family Business Survey

by Davis Wright Tremaine LLP on

PwC, one of the “Big Four” accounting firms and a consulting titan, released its latest periodic survey of United States family businesses. PwC performs this survey every two years and has been doing it for ten years now. ...more

Has New Jersey Gone Off Its DLOM Rocker?

by Farrell Fritz, P.C. on

Whenever I contemplate New York’s unusual case law on the discount for lack of marketability (DLOM) in statutory fair value buy-out proceedings, I cast my eyes westward, to the far banks of the Hudson River, and take comfort...more

Form Over Substance Sometimes Prevails in Tax Law – Estate of George H. Bartell et. al. v. Commissioner

by Garvey Schubert Barer on

In most areas of law, substance prevails over form. Code Section 1031 is possibly one of the few exceptions to this time-honored rule of jurisprudence. Under Code Section 1031, form may prevail over substance. The U.S. Tax...more

How an Advisory Board Can Help Your Family-Owned Business

What is an advisory board? Family-owned businesses often form advisory boards as a source of guidance. Advisory boards differ from the board of directors discussed in this prior blog post in several respects. Primarily,...more

The Future Of Proposed IRS § 2704 Modifications Is Uncertain

Proposed changes to Internal Revenue Code (IRC) § 2704, which would impact the valuation of transfers of family business interests at death, come at an interesting time politically given the Trump Administration’s desire to...more

A Word of Advice: Address Estate Planning Sooner Rather than Later

Earlier last month the New York Times ran an article about basic reasons why you need to pay attention to your family’s estate planning. The article made me think of several instances where families would have benefited from...more

Carefully Consider the Scope of Releases When Settling Claims between Family-Business Owners

by Murtha Cullina on

Litigation among family-business owners often ends with a negotiated settlement agreement instead of a trial and entry of judgment on the parties’ claims.  Through a settlement, the parties have the flexibility to agree upon...more

Family Feud: Commercial Division Dissolves LLC Owned by Quarrelling Brothers

Justice Timothy J. Dufficy in the Queens County Commercial Division recently entered an order dissolving a limited liability company owned by two brothers whose disagreements regarding the management of the LLC culminated in...more

Trademarking Your Name Can Drive You To Drink: The Risks and Benefits of Naming a Beer After Yourself

by Bowditch & Dewey on

You have worked hard, you are proud of your beer, and you want the market, if not the world, to know that it is your product. At the end of the creative process, like any other artist or craftsperson, you have the urge to...more

U.S. Family Office Branches for Non-U.S. Families: The New Paradigm

by McGuireWoods LLP on

The family office has become wealthy families’ preferred vehicle to manage, preserve and protect wealth for future generations. The meaning of a family office varies wildly depending on the family — a trait that demonstrates...more

The Best of 2016: Quotes on Family Business

by Davis Wright Tremaine LLP on

As we launch full steam into the first quarter of 2017, there are several opportunities to reflect on the successes, failures and more memorable moments of the family business community in 2016. There are also several...more

Defining the Role of a Board Chair

The prior Family Business Advocates blog post provided an overview of the different legal roles that shareholders, directors, and officers play in the intersection of ownership and management of a company, but how does a...more

Do You Need to Do Business with Your Co-Owner’s Children? It Depends on the Language of Your Agreements.

by Murtha Cullina on

Owners of closely-held businesses, including family-owned companies, often agree to restrict the owners’ ability to later transfer their ownership interests to third parties. Such restrictions prevent one owner from selling...more

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