Under the default provisions of most corporate and limited liability company (LLC) statutes, aggrieved minority owners in a family business may have no means to address their grievances other than litigation, which can be detrimental to the family and the business. However, through thoughtful drafting of estate planning, corporate and LLC governing documents, and owners’ agreements, family businesses can provide minority owners with reasonable rights to input, cash flow, alternative dispute resolution, and nondisruptive exit opportunities that can substantially reduce the likelihood of litigation without impairing the power of the majority shareholder(s) to control the business. This session will 

• analyze how estate planning and corporate and LLC governing documents can be structured to help reduce the likelihood of litigation amongst minority owners in family businesses, and
• examine trust and probate estate litigation cases to identify prelitigation and litigation tools and strategies that are available when conflicts arise in family business succession.