MEMBER ADVICE: Have you got these legal must-haves in place in your family business?
Updated: Jan 14
by Jay Sahota, Senior Partner, Jarmans Solicitors
As someone who runs a family business and has many years' experience as a litigation solicitor, my primary role is to look after my clients. Prevention is better than cure, so to protect yourself and avoid Dolly Parton in a Hot Air Balloon (contact me if you need this deciphered), I advise all clients to have the following in place:
A - Terms & Conditions
B - Shareholder Agreements
C - Employment Contracts (for employees AND family members working in the business)
D - Pre-nups
E - Wills
F - Lasting Powers of Attorney
I see so many disputes where the litigation could have been avoided or its impact lessened by having these in place. In family businesses especially, there is a reluctance to have these contracts for fear of losing the 'family feel' but they can safeguard you, your family members and your employees for the future.
For advice on any of the above, feel free to contact Jay HERE