While Recent Surveys Show That a Majority of Owners of Family-Owned

question 33

True/False

While recent surveys show that a majority of owners of family-owned businesses want to keep the business in the family,owners think their main obstacle to doing so is their family's desire to run the business.

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Definitions:

Purpose

The reason for which something is done or created or for which something exists.

Creditor Beneficiary

A third party that benefits from a contract between two other parties, particularly when one party promises to pay a debt owed to the creditor beneficiary by the other party.

Legal Duty

An obligation imposed by law upon an individual or entity to act or refrain from acting in a certain manner.

Donee Beneficiary

A third party beneficiary to a contract who receives a benefit from the contract as a gift.