By Frederick D Lipman (auth.)
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Extra info for The Family Business Guide: Everything You Need to Know to Manage Your Business from Legal Planning to Business Strategies
The only way to protect against that risk is to not give the stock outright to David but instead transfer the stock to an irrevocable spendthrift trust or to use the forfeiture provisions in the shareholder agreement previously discussed. Shareholder Liquidity Programs Stock or other equity of a family business is not a liquid asset and cannot normally be sold. Many family businesses do not declare dividends on their equity except to the extent required to pay income taxes for tax f low-through entities, such as Subchapter S corporations and limited liability companies.
Multigenerational family businesses are inevitably confronted with greater internal complexity. They tend to have large numbers of inactive shareholders and to be engaged in a number of different businesses that can be split between family members. Likewise, these multigenerational family businesses may have a complex governance structure and a large number of family managers. There are advantages and disadvantages in simplifying these advanced-stage family businesses. For example, purchasing the equity of inactive shareholders may simplify the business but may also deprive it of capital needed for expansion.
If the child with the minority interest is also employed in the business, consideration should be given to protecting that child from termination by the provision of a generous severance arrangement. , forfeiture, if that child brings legal suit to challenge the employment termination. ) Dispute Resolution Mechanisms in Charter Dispute resolution provisions placed solely in shareholder agreements or in Wills may not necessarily be specifically enforced by the courts. The courts may decide that the sole remedy for violating the dispute resolution mechanism in a shareholders agreement or in the Will is damages.