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Family Charter Research Paper

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In the same way corporate entities have detailed corporate governance rules they adhere to, the most enduring family businesses also require a clear framework that details the principles, governance protocols and interlocking roles in relation to the family business, the family office or family trusts. A Family Constitution (also known as Family Protocol or Family Charter) is a written statement that articulates the vision and values of the family and important principles and boundaries for working together and for governing and managing the family business. It is a decision making tool that is intended to help the family stay together and avoid the kind of devastating disruption and damage that disputes and unforeseen events can cause.

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