Legal Advice for the Family Business

There are families where asking for help is seen as some sort of betrayal, like everyone should be able to resolve their issues without going outside the family. That’s a nice idea, but it’s not an especially realistic one. There are some issues that are too big or too complicated for people to handle on their own, regardless of if they’re related or not. In fact, sometimes being related can make it even harder to step back and see the big picture. That’s why ventures the family undertakes together, like a family business, can always use some outside expertise.

Family law attorneys

When you start a business with your family, you have a built-in employee base right there in your house. That can be really convenient, but that convenience can lead to other issues. The fact that you’re working with your family can make it tempting to just mix up your personal family finances with that of the family business. That’s not a good idea. It might be understandable at first, but as the business keeps growing and becomes more than just a passion project, you’re going to need to take legal measures to turn your business into a separate entity. If you’re in a certain part of Australia, a Brisbane law firm can help you sort out your finances. Too many people decide that they’re going to take the cheap route and manage their finances on their own, but winging it like that is just setting yourself up for trouble down the line. It can also take you way away from your primary job, which should be running your business and setting it up for further growth.

When you employ family members, there’s often an informal handshake agreement rather than any sort of formal employment contract. You may prefer to do business that way, but setting out certain rules and expectations in writing can go a long way towards protecting both you and your employees, regardless of whether or not you share a bloodline.

Tax attorneys

Very few people are fond of tax season. It’s both a necessary evil and a part of the unspoken agreement we have to be good contributing members of a functioning society. If your family-run business doesn’t pay its taxes, you’re saying that you want all the benefits of a society without paying your fair share. It’s like going to a fancy restaurant with your friends and then running away before the dinner bill arrives.

There are plenty of people who don’t mean to short the tax man but simply find themselves in over their heads. That’s especially dangerous when you’re running a business, as the relevant authorities can really come down hard on small business owners who aren’t meeting their obligations to the state and federal government. Figuring out your business taxes isn’t something most people can do by downloading tax software. No, you’re going to need a professional tax attorney. It’s especially important in high tax areas like New York City, so if you’re in that area, make sure to get a Long Island tax attorney or Brooklyn tax attorney. It’s better to pay a little more for the peace of mind than risk getting hounded by the government.

 

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