News & Analysis as of

Family Businesses

Appeals Court Reinstates Derivative Claims Dismissed for Conflict of Interest Where Parties’ Relationship Not “Especially...

by Farrell Fritz, P.C. on

Almost always there are elements of acrimony and intense emotion in litigation between co-owners of closely held business entities. The degree of toxicity can vary widely from case to case, although it tends to show up more...more

Beware of Successor Liability Claims in Connection with Family-Owned Businesses

by Murtha Cullina on

A corporation ordinarily is not liable for the debts of other entities or for the debts of its owners in the absence of an express agreement, such as a guarantee. However, a creditor of one company may try to impose liability...more

Changes in Planning for Closely Held Businesses Under the New Tax Law

The tax changes recently signed into law increased the exemption from federal estate and gift taxes to about twice the prior level. Even though the increase is temporary and will expire at the end of 2025, it changes some of...more

Four Reasons for Creating a Thoughtful Shareholders Agreement

by Davis Wright Tremaine LLP on

A thoughtful shareholders’ agreement can be one of the most valuable tools a family business has. It can serve several purposes. A few of the easy ones are: Restrictions on Transfer. A shareholders’ agreement—or similar...more

Watch the Calendar When Considering Claims in Connection With a Family-Owned Business

by Murtha Cullina on

Shareholders of family-owned businesses sometimes assert claims of misconduct against their co-owner relatives. These claims can take the form of oral complaints or written claim letters. ...more

U.S. Tax Reform: Key Considerations for Non-U.S. Families with Connections to the United States

by Benesch on

The Tax Cuts and Jobs Act (the Act) was signed into law on December 22, 2017. The Act is without a doubt the most impactful reform to the Internal Revenue Code since the tax reform of 1986. While it does not appear that the...more

Family Businesses and Tech – Leveling the Playing Field

by Davis Wright Tremaine LLP on

There is a belief that family businesses are behind the curve when it comes to embracing new technology in the company structure. In a 2016 family business survey, 37 percent of the next generation say they struggle to get...more

How the New Tax Law May Impact Your Estate Plan

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “2017 Act”) which, among other items, made several changes to the federal wealth transfer tax system with respect to transfers occurring...more

[Webinar] Closely Held Family Business Disputes – the Law and Beyond - February 20th, 11:00am CT

by Robins Kaplan LLP on

Tuesday, February 20, 2018, 11:00 A.M. CST -- Closely held business disputes possess elements of garden-variety commercial litigation, and elements of family conflicts (even when the business is not a family business)....more

US Tax Reform—Changes Impacting High Net Worth Individuals

by White & Case LLP on

On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law, accomplishing the most far-reaching US tax reform in decades. While the Act contains significant changes that will impact all US taxpayers, this...more

Can You Benefit from a Section 1031 Exchange of Property?

by Ward and Smith, P.A. on

When you are selling vacant land or non-owner occupied property held for commercial or investment purposes, you need to consider structuring the sale as an Internal Revenue Code ("Code") Section 1031 Tax-Deferred Exchange,...more

Impact of New US Tax Law on High Net Worth Individuals, Trusts and Family Offices

The newly enacted U.S. tax law makes significant changes to provisions of the Internal Revenue Code affecting high net worth individuals, their investment entities and family offices. These changes are likely to spur gift...more

Using Prenuptial Agreements to Protect the Family Farm

by Ruder Ware on

The family farm is a special asset. The family may have worked hard through decades, maybe even generations, to accumulate and develop the farm’s land, equipment and livestock. The children may be grown and successors to...more

Transfer Tax Considerations Under the Tax Cuts and Jobs Act

by Holland & Knight LLP on

• The U.S. House of Representatives and Senate ushered H.R. 1, the Tax Cuts and Jobs Act (the Act), through conference committee, and President Donald Trump signed the Act into law on Dec. 22, 2017. • Most of the Act's...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2017

by McGuireWoods LLP on

In an annual tradition, Ronald Aucutt, a McGuireWoods partner and chair emeritus of the firm’s private wealth services group, with help from his McGuireWoods colleagues, has identified the following as the top ten estate...more

Court Ruling Highlights “The Perils Of Going Into Business With Family Members”

by Murtha Cullina on

An Indiana Court of Appeals recently ruled upon a dispute between a mother and her daughter and son-in-law(and their business) concerning the lease of commercial property and the repayment of loans the mother made on the...more

She’s Right for the Job – Women in Family Business

Family businesses are increasingly encouraging women. Of family businesses surveyed, almost 60 percent have women in top management positions and over 30 percent list a female as the next successor. These important statistics...more

Emergency Succession: Lessons from Nick Saban and Dabo Sweeney

I was recently discussing emergency succession planning with my friend John Howe, CEO of American Pipe and Supply. Okay, actually we were talking about football over a couple of beers. John is a Clemson grad and a big fan of...more

Thinking of Selling? Start Early, Build Your Team

by Murtha Cullina on

As 2018 looks to be a favorable M&A environment, many business owners may come to the conclusion that it is time to sell the family business. While it is true that some businesses sell as a result of an offer that comes “out...more

Transitions in the Family Business: Hope Is Not a Strategy

If last week’s post summarizing the third panel from the Transitions in the Family Business: A Conversation with Family Business Owners and Leaders event piqued your interest in selling a family-owned business, you may have...more

Trust Fund Tax: Responsible = Liable (?)

by Farrell Fritz, P.C. on

Some shareholders are content with being wholly passive investors in a corporation. Others desire some degree of participation in the day-to-day management of the corporation’s business. Still others are willing to abstain...more

Transitions in the Family Business, Part III: A Successful Sale

This post is Part III in a three-part series summarizing and exploring Transitions in the Family Business: A Conversation with Family Business Owners and Leaders, a recent event for family-owned-business leaders that...more

Insight on Estate Planning - Year End 2017

In This Issue: - When should you turn down an inheritance? - Addressing intellectual property requires careful estate planning - Year end is an ideal time to review your estate plan - Estate planning pitfall: You’re...more

Transitions in the Family Business, Part II: An Outside Perspective

This post is Part II in a three-part series summarizing and exploring Transitions in the Family Business: A Conversation with Family Business Owners and Leaders, a recent event for family-owned-business leaders that Bradley’s...more

Is A Non-Compete Agreement In Connection With The Purchase And Sale Of A Family-Owned Business Enforceable?

by Murtha Cullina on

In connection with the purchase of a family-owned business, the buyer may seek a non-compete agreement from the selling owners and certain family member employees. Such agreements are intended to protect the buyer from a...more

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