For a family business, create an LLC or corporate business structure, combined with a family trust for succession planning. Here are 3-Tips for combining business structure with succession planning for your family business.
Every business needs a legal and business structure, both for day-to-day operations as well as a business exit strategy. A business exit strategy is often associated with building the company with a future sale in mind. Yes, there are other reasons for a business structure, one that contemplates not only business operations and insulation from liability, but also provide for sudden departures of shareholders or members due to death, illness, or withdrawal.