Palmer & Manuel, L.L.P.
Providing Solutions
214-242-6444

Experienced. Confident. Thoughtful.

Considering legal issues pertaining to family businesses

Running a family business can be a uniquely rewarding experience. Sharing in the everyday triumphs and challenges of business operations with loved ones can deepen family bonds and create invaluable memories. In addition, it can be comforting to know that you have a shared history with your business partners and associates when your enterprise is “all in the family.”

However, it remains important to have a working relationship with an experienced attorney even if your business is owned and operated by you and your family members. Simply because you have a unique bond with your partners and workers does not mean that you and your business do not need protection and do not need to adhere to state and federal business laws.

For example, it is important to incorporate your business in ways that will not leave your family’s personal finances vulnerable to business-related creditors. It is also important to adhere to state and federal wage and hour regulations. An attorney experienced in matters of business law can help you ensure that these matters, and a host of other legal matters, are properly addressed.

Finally, it is important to have a good working relationship with an attorney because too often, family businesses are run without proper contracts and protections in place. You may have excellent reasons to trust your family, but your business still needs you to think about the liabilities that you may face if members of your family ever have a falling out, if someone steals from the business or if someone fails to uphold his or her “end of the bargain.” An attorney can help to ensure that your business is protected in ways that will hopefully not create any significant family tensions.

Source: Findlaw Free Enterprise, “3 Legal Tips for Running a Family Business,” Christopher Coble, May 5, 2015

No Comments

Leave a comment
Comment Information

Do You Need Legal Counsel?Contact Our Offices For A Confidential Consultation.

Fill out the form and we’ll be in touch with you shortly, or call us directly at 214-242-6444.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. You further acknowledge that, unless the law firm subsequently enters into a lawyer-client relationship with you, any information you provide will not be treated as confidential and any such information may be used adversely to you and for the benefit of current or future clients of the law firm.

close

Privacy Policy

Office Location

Palmer & Manuel, L.L.P.
Campbell Centre I - North Tower
8350 N. Central Expressway
Suite 1111
Dallas, TX 75206

Phone: 214-242-6444
Fax: 214-265-1950
Dallas Law Office Map