News & Resources

Smart Business Article "What do business owners owe one another?" by Frederic J. Marx

Smart Business

Frederic J. Marx


Companies that have multiple owners may find rifts appearing between them as they discuss strategic direction — or they may simply battle over staying afloat during down times. However daunting the challenges, shareholders and partners should understand that when they entered into shared ownership, they agreed to a set of legal obligations to each other that are designed to protect the business.

There are three principles that business owners should keep in mind to avoid legal missteps as the business evolves. In certain states, these duties may be more extensive than in others — those discussed here are specific to Massachusetts, but every region has guidelines that are worth a look.

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