Family and other closely-held businesses typically start off as ventures between relatives or close friends who trust each other. They often operate informally without following, or even without creating governing documents or agreements. This may work well for a time, but when ownership or control shifts, company performance spikes or plummets, or less involved owners feel (or are) unfairly treated, the situation can change very quickly.
No matter how close family or friends are at the start, certain events or frustrations will spark disputes that may devolve into litigation.
To read more, including 7 ways to avoid the feuds that land family businesses in litigation, click here.
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