Find Lawyers in Atlanta, Georgia for Closely Held Companies and Family Businesses Law
Allen D. Altman focuses his practice in the areas of complex estate, gift and GST tax planning for high-net-worth individuals and family units. He is experienced in issues dealing with executive compensation, stockholder agreements and nonqualified deferred compensation. Allen proactively develops and implements tax and estate planning strategies for his clients. In addition, he provides practical recommendations and structures that draw on his experience representing a wide variety of family...
Closely Held Companies and Family Businesses Law Definition
Depending on the jurisdiction, closely held company law may differ significantly from the law of the same jurisdiction that is applicable to corporations and other enterprises that are publicly held. For example, in many jurisdictions owners in closely held companies are subject to heightened fiduciary duties to one another, which may preclude structural actions or transactions that would be permissible in the public company sphere. On the other hand, closely held companies are free from many of the disclosure and other regulations that constrain publicly held enterprises in their activities. This is true even when the closely held company is of equal size as a publicly held participant in the same industry. Practitioners in this area must be experts in recognizing these legal and regulatory differences and also be aware of the alternative governance frameworks available in other jurisdictions.
The key challenge in family business law is to structure an environment in which familial goals and interests and enterprise goals are mutually reinforcing. This requires empathy and creativity on the part of the practitioner, particularly the ability to translate essentially non-legal concepts such as stewardship into legal script, all in a tax-efficient manner.
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