In many states, especially because shares in closely held businesses are considered "illiquid," the shareholders, directors, and even executives may hold a heightened or fiduciary duty to fellow shareholders, directors, and employees. These heightened or fiduciary duties may expose you to greater liabilities than you may be aware of. The lawyers at A. Dean Law can help you fashion a rigorous disclosure and compliance regime to mitigate these risks. 

Also, more often than not, family and closely held businesses have a small number of shareholders who pay a central role in the success of the business. This means that the business should plan for how to operate in the event that one of the key stakeholders becomes unable to participate in its management. A. Dean Law can create shareholder agreements that address these circumstances; we can also advise you on other succession planning issues unique to this type of business.