Definitions

FAMILY CONSTITUTION

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A family constitution is a legally non-binding document belonging to a business family that sums up its key guidelines for familial and entrepreneurial thinking. As well as codifying a set of values, these guidelines may contain actual definitions, requirements, expectations, procedures and process descriptions that the business family uses. In practice, such documents are referred to as family charters, codes, statutes and policies. They are often jointly signed by members of a business family to document their willingness to accept the charter and conform to its provisions.