What is a Family Office Management Company?
A family office management company is a management and financial advisory service company a family can start that generates income from management contracts with its other family businesses. The revenue can be converted into salaries, benefits and business expenses for family members in varying tax brackets. Some of the fees the family might normally pay to outside advisors can instead be paid to a family subsidiary that can hire family members who earn salaries in exchange for managing family business interests.
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