We know it takes a tremendous amount of hard work to successfully run your family business. That’s why we’re dedicated to helping your family owned businesses succeed.

 

A family business is a company wherein the owners are related to each other by blood or marriage. A family business can take any form, such as a LLC (limited liability company), a corporation, or a partnership.

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Take Control of Your Family Business 

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The U.S. Bureau of the Census found that approximately 90% of American businesses are family-owned or controlled. So, if you have a family-run company, businesses like yours account for half of the nation's employment and half of the U.S. Gross National Product.

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While a family business can be a powerful venture, a main challenge in family business law is to structure an environment where family goals and business goals are harmonious and mutually reinforcing. 

 

Prepare a Succession Plan

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When a retiring business owners is deciding whether to exit or transfer the family business to the next generation, they should consider all their options. This is one area where Anike Law can help. As we prepare a succession plan, we will assist with identifying the most cost-effective and efficient ways to transfer ownership. We can analyze tax and estate planning implications to minimize the income and estate tax consequences of transferring a family business to new ownership.

 

Sort Out All the Details

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Many entrepreneurs start as small, family-run businesses. Anike Law can provide legal counsel on many matters that can affect your business’s success, including formulating your mission and objectives, handling myriad employment issues, organizing the governance of the business, and protecting proprietary rights.

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We are prepared to help you establish leadership roles and parameters within your family business and plan for the appropriate tax requirements. Additionally, we can work with you to create a business succession plan. 

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Ask a Lawyer in Buffalo About Handling Family Business Matters

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Our principal attorney can understand how your family dynamics fit with New York business laws and will work with you to create solutions to your challenges. Contact Anike Law now to schedule a free first-time consultation and find out how we can positively impact the future of your family’s operations.