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Closely Held Businesses Shareholders Family Businesses

DarrowEverett LLP

Business Succession Planning: Pros and Cons of Passing S Corp Shares in Trust

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Business succession planning and estate planning are often linked together, particularly in the case of closely held family businesses. In the case of a shareholder who wishes to pass along their shares of an S corporation as...more

DarrowEverett LLP

Adverse Possession in a Closely Held Company? ‘Stash’ This One Away

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Imagine for a moment that you’re a shareholder in a closely held corporation. In most jurisdictions, that status as a shareholder obligates you to a heightened fiduciary duty to your fellow shareholders. Now imagine that your...more

Rivkin Radler LLP

The Family-Owned Business, Stock Options, And Personal Goodwill – a Smorgasbord of Tax Issues

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Many of us have encountered variations of the following scenario: a parent owns and operates a business; one or more of their children are employed in the business; as the children mature and become more experienced and...more

Robins Kaplan LLP

Chambers V. Gold Medal Bakery: an Illustration of Privilege in Shareholder Suits

Robins Kaplan LLP on

When working well, a closely held corporation can be the model of corporate governance—a shared vision, a united board, and intimate trust between officers and shareholders. However, over multiple generations the growth of...more

Rivkin Radler LLP

Dividing the Multi-Family Corporation

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Sibling Rivalry- You have probably encountered family-owned corporations in which the founder’s offspring are involved in the business to varying degrees. They may even own some equity, typically having received such equity...more

Fox Rothschild LLP

One Law Firm. Two Clients. Three Times the Complexity.

Fox Rothschild LLP on

Amidst a “bitter family dispute” over future control of a closely held oil company, can the same law firm represent the directors paving the way for their son to take the reins and the company that minority shareholders seek...more

Farrell Fritz, P.C.

Transfer Of Funds between Related Entities – Indebtedness Or Something Else?

Farrell Fritz, P.C. on

A closely held business may come to our firm for any number of reasons. The owners may be selling the business, for example, or they may be thinking about spinning off a division. In some cases, the owners are considering the...more

Harris Beach Murtha PLLC

When Terminating Officers in the Family-Owned Business, Follow the By-Laws

A Minnesota Appeals Court recently ruled that a father could not terminate his son as the president of the family-owned business because the father did not have authority to do so under the company’s by-laws.  Call v. Call,...more

Holland & Hart LLP

Minority Shareholders Are Fiduciaries Too

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Often, a closely-held company comprises a large portion of a person’s wealth. In some instances, the company initially generated much of the person’s wealth. And in others, the company is formed as a vehicle to pass wealth...more

Ward and Smith, P.A.

Private Company Concerns: Expanding the Equity Pool

Ward and Smith, P.A. on

To Share, or Not To Share? That is the question... Creating ownership options for your leadership team can align interests, motivate performance and improve retention, but there can also be a downside. In this article, we...more

Harris Beach Murtha PLLC

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

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

Gray Reed

Closely-Held Shareholder Derivative Actions are Alive and Well in Texas

Gray Reed on

After 30 years of running his family-owned business, Hillbilly Oil Co., Jed Clampett decided to retire in 2013. The board of directors elects Jethro Bodine as Hillbilly’s President and Elly May as Vice President. Both Jethro...more

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