Father-and-son or mother-and-daughter businesses are all about families working together for generations. These businesses, when they succeed, can have a longstanding place in their communities. If you are the parent and owner of a business and your children have entered into the business with you, you may be surprised to learn that there are some legal issues with passing the business on after your death. Likewise, if you are the son or daughter of a family business, you may be concerned about what happens after your parent(s) has/have passed.

Part of being a small business owner is handling contracts between you, vendors, and customers. Unfortunately, disputes do occur from time to time and it is sometimes best to include arbitration in your contract. If you are thinking of including an arbitration clause, here is what you need to know. Should You Include Arbitration? Depending on the state in which your business operates, you might be required to include an arbitration clause in your contracts.