Find Lawyers in Rockville, Maryland for Closely Held Companies and Family Businesses Law
Closely Held Companies and Family Businesses Law - Rockville, MarylandAbout this Practice Area
Since cofounding Stein Sperling 40 years ago, Millard Bennett has built a robust and varied business law practice, while simultaneously growing and expanding the firm as Managing Partner into one of Montgomery County’s largest and most sought after law firms. In addition to his time tested business acumen, Millard’s intuition, empathy and meticulous attention to his clients’ individual needs has earned him a reputation as a go-to business lawyer. Beyond advising clients on b...
Don Sperling’s extensive experience handling issues related to businesses, from start-ups to fully matured companies, enables him to evaluate clients’ legal and business concerns and opportunities from multiple angles. He adeptly guides them through short- and long-term considerations for their businesses, whether in the context of a potential merger or acquisition, key hire, a real estate transaction, an employment issue, a business strategic planning consideration or a litigatio...
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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