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Family businesses are the backbone of Lancashire’s economy. Together with JMW Solicitors we brought our panel of experts to the table to discuss the challenges, strengths and opportunities they offer. Michelin-starred Northcote at Langho was the setting for the meeting.
How should families plan for the protection of their business?
Tasnim Khalid: Considering succession is extremely important. Having the right structure from day one is also important. Do you set up as a sole trader, as a partnership or a limited liability company?
Elspeth Kinder: Issues arise when the structure and planning has not been thought through properly from the outset. It is about the core basics such as shareholders’ agreements. Has that been thought through?
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