We’re all family. We all get along. So we don’t need to pay a lawyer to prepare all kinds of paperwork for our family business. Right?
But consider an otherwise obscure Florida Supreme Court’s case, the first sentence of which, stripped of a forest of names in quotation marks and parentheticals, reads like this:
“This case comes to us after twenty-one years of litigation involving claims by Leon Kopel against his brother and his nephew resulting from deteriorating business relationships within the family.”
Even family businesses, maybe especially family businesses, need to run their affairs by the book, have their corporate formalities well prepared, and take the time to have all their paperwork in order.
An ounce of prevention and all that…