Working in corporate America used to be the goal, but nowadays for many Californians, the 9 to 5 is no longer the preferred form of employment. Indeed, more and more entrepreneurs are venturing out to work for themselves. For some, that means joining together with family to start a small business. And while starting a family business definitely has its perks, such as working with people you trust, a family business also has its inherent vulnerabilities.
The oft-ignored vulnerabilities specific to a family business are financially and legally related. Many times, family members take a more casual approach to forming the business, thinking contracts and paperwork can come later, if ever. Unfortunately, this approach can place all involved at risk down the road.Details