One key difference we see between family and more corporately run businesses is that the business is run for the overall benefit of the family. Most of the family works in the business, is accountable to the success and is motivated to work together on it. Sometimes the reigns have been handed down from generation to generation and form an important part of the family history.
Family businesses have the added advantage (and disadvantage) that the main family members control the business decisions. So most decisions can be made without fuss by the members in charge, and businesses are nimble, but the dependence on them, or the existence of family disputes, can paralyze the business.
We try to understand how your family business works and how best to manage the tax side of things at least. Our staff can do all your annual GST and tax compliance and be your tax coach when deciding what to do next. Contact us today.