Here are some other actions I encourage you to take to grow your business and to insulate it from liability through every stage of growth:
- Take at least an annual inventory of your risks of harm to people or their property from your business operations. As your risk increases, you are wise to set up a separate entity to hold the majority of the risk or to purchase various insurance policies to fund the costs of litigation, including your legal fees.
- Conduct an audit of your workers and ensure they are properly classified as employees or independent contractors. The Internal Revenue Service (“IRS”), New York State (“NYS”) Department of Labor (“DOL”), and NYS Workers Compensation Board (“WCB”) have slightly different criteria for distinguishing workers, and you must diligently reconcile them to avoid penalties that could bankrupt your business.
- Submit your success story and upload your headshot to the Kauffman Foundation for use on its website (like I did). Do this between now and 12/31/15, and you will receive a $25 Visa gift card in January.
As always, the information in this newsletter is for general information and to empower you to minimize your legal expenses. Most courts and bar associations consider newsletters attorney advertising, so this is basically an ad for my services.When you can’t resolve conflicts on your own, have questions, or want some help, I’m here for you. Simply arrange a consultation through my assistant, Tyler.
Let’s make 2016 your best year yet!