Write a one to two page paper defining keys to success and considerations for building a family business.
Going into business with a family member makes up a major portion of new businesses launched every year. However, family businesses present unique challenges for start-ups. It is important to ensure you have established the best business entity and reviewed appropriate resources before forging into a family business venture.
Research in your own community those types of businesses that are family-owned. Categorize the most common business opportunity (e.g., car dealerships, restaurants, real estate firms, accounting firm, etc) in regard to industry and the legal form chosen for this business. Review the following websites on family businesses: Resources – Family Businesses.
Write a one to two page paper defining keys to success and considerations for building a family business. Also compare the choice of business entities and identify the best legal form for your business based on your research in the community.
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