FEATURES OF FAMILY BUSINESS INHERITANCE: LEGAL RISKS AND THEIR MITIGATION

Abstract

In the contemporary Russian economy, the issue of family business inheritance has acquired theoretical and applied significance as well, since a major part of small and medium-sized businesses (SMBs) actually function as the family enterprises, although in Russia, there is still no special unified federal law that consolidates the independent legal status of family business. In addition, this issue surely comprises three aspects of legal regulations: inheritance, family and corporate law. The lack of special legal regime for family entrepreneurship entails the application of general provisions of civil law, which do not always take into account the specific character of family ownership, personal participation in business management and the strong business dependence on the founder.