If you and your family own a business on the Big Island, then you need to see a family business attorney in Honolulu, HI, if you do not already have one. This professional can help with many details, keep family in-fighting to a minimum, and help to protect family assets.
One thing that the lawyer can help you do is set up a LLC or a corporation. This is an essential step because it protects your personal assets if someone sues your company. Without legal paperwork approved by the state government in place, everything that any member of the family owns is put at risk. If the court rules against you in a lawsuit, you may all end up homeless and penniless if you do not see a family business attorney in Honolulu, HI, to get this step done.
Another thing that an attorney can help you do is set up succession agreements. Most families want the business to continue if something happens to one of them. A plan needs to be put in place and written into everyone’s will for the business to continue in most cases.
Many family disputes start out as misunderstandings at work, and they can escalate quickly to unbelievable levels. Therefore, see a family business attorney who can lead you through setting up formal work agreements and the consequences if those agreements are broken. That way, if your cousin decides to spend too much time surfing, you can actually take action against him. Contact Goodsill at visit us website