A family business has the essential feature that the participation is distributed, in a significative portion, among members of the same family group.
The family business includes, apart from all the customary elements of business such as the tangible and intangible assets, customers and suppliers, financial contributions to any degree of partners, the structures of social organization and leadership of both management ad administration, a permanent element of personal relationship between certain specific individuals present and future expectations for inclusion in the structure of individuals not included on this today but because of his membership in the family group either by birth or by marriage or other such circumstances, have certain expectations about the family business as defined in the social object.
The family protocol seeks to regulate the multiplicity of interests and assets in companies that meet these characteristics, so that, taking into account the expectations of all its members, the ultimate purpose is to preserve the continuity of the company itself in the best conditions, both in the management and integrity of corporate assets, to compete in the market with guarantee of future permanence.
Aspects to consider:
To analyze the rules of succession affecting members of the family business and preparing wills to suit the needs of family heritage conservation.
Contemplate marriage contracts foreseeing the economic effects of the dissolution of marriages.
Amendment of Deeds of Incorporation.
Creation of the Family Council, formed only by members with managing faculties in the running of the family business, and the Advisory Council, formed only by external consultants whose advisory functions will be prior to the adoption of certain decissions especially transcendent
• The Family Council:
This organ is usually created by the family protocol and its aim is to intervene in the adoption of decissions or solve conflicts that may occur by reason of compliance of the the family protocol.
This organ also takes charge of making proposition of changes in the family protocol because of the changes that take place in the family group.
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