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A family business need not be an ongoing business that utilizes an operating entity (like a partnership, or limited liability company). Rather, it may consist of a mere pool of capital that is controlled or managed by the family, or even multiple families. For example, a “family business” can include the family that owns and rents out their various rental properties. Because each business is unique, every family business should be managed and/or controlled differently, depending upon the particular family dynamics.
