There is a tendency to confuse the corporate contract and the family protocol, although there are some points on which they differ.
One of the main differences is the ultimate purpose for which both are signed:
While the purpose of the company contract is to constitute a group of assets and persons with the will to distribute the profits generated, the family protocol has the basic purpose of regulating the relations between the family and the company, in order to give it long-term firmness.
Another important point is the contribution made by each of the partners signing the partnership agreement and the family protocol. In the partnership contract the partners will provide goods or industry based on a common objective. At the time the family protocol was drawn up, however, these contributions had already been made and there is no obligation to contribute again.
As legal and tax advisors, we will help you to establish the family protocol of your business in a professional manner in our business consulting services.