As 2016 comes to a close, it’s time to get your business prepared for another successful and profitable year. This is the time of year where business owners often find themselves swamped with paperwork and calculations that they’d rather put off for holiday parties. However, organizing this information and preparing for a legally sound year is a necessity. Therefore, secure your business with a comprehensive PA Professional Liability Insurance policy and heed the following advice.
Incorporate your business.
This is the first step to limit liability that shields personal assets from business failure – it can also offer tax advantages such as the ability to deduct fringe benefits like travel expenses. Incorporating your business provides you with a sound corporate foundation to grow and mitigate risks of failure, explains Small Business Trends.
Get it in writing.
Contractual disputes are the number one legal issue that small business owners face. Therefore, get everything in writing including contracts with your vendors, suppliers, employees, and client relations to minimize claim activity.
Evaluate your Business Will.
A Buy-Sell Agreement, also known as a Business Will, is a document that helps businesses prepare for the future. If you are in a partnership, this document details what happens should one party leave the business, explains the article. Now that it’s the end of a year, it’s time to evaluate and renew this contract, especially if any major life events have occurred to ensure your successor assumes responsibility if need be.
Federal violations can cost your business a fortune. Consult with general counsel year-round to ensure your compliance.
About GMG Insurance Agency
At GMG Insurance Agency, we strive to provide the necessary protections that business owners like you need. We have specially crafted solutions to provide peace of mind at affordable prices. For more information about our products and services, contact our experts today at (855) 407-4450.