Final answer:
Family businesses are characterized by ease of startup and management, enjoyment of profits, tax benefits, psychological satisfaction, and ease of exit.
Step-by-step explanation:
The criteria for family business can vary, but there are some common aspects that characterize such enterprises. Family businesses are often easy to start up and manage due to the close relationships and trust among family members. The owner enjoys the profits of successful management and typically doesn't have to pay a separate business income tax, which can add to the financial benefits. Furthermore, there's a significant level of psychological satisfaction associated with running a family enterprise, as it may contribute to the family legacy and provide opportunities for future generations. Lastly, if the owner decides, it can be relatively easy to get out of business since the decision-making usually remains within the family.
It is also important to mention that the concept of family can be diverse, encompassing various types such as marriage families, procreation families, and others, thus making family businesses representative of many types in today's society. The organizational structure can include cooperative ownership as in employee-owned businesses, where cooperative ownership by employees is key.
In summary, family businesses are deeply intertwined with the dynamics and relationships within the family, impacting not only the operational aspects but also the social and emotional dimensions of the stakeholders involved.