Business & Corporate
How Much Do I Know About Insurance and Arizona Business?
Is there one insurance policy to cover all of my risks?
No. Insurance is the sale of certain risks in exchange for a premium. No policy buys all the risks a business faces.
How many policies do I need?
Generally speaking, a business should have a general liability policy, coverage for automobiles used in the business and worker's compensation insurance. But there are many other policies and … Read More
Want to Sell Stock in Your Business But Keep Control? Consider an ESOP
In a closely held corporation, a time may come when the owner wants to sell stock in the company but still maintain control. This might occur, for example, when the owner plans to retire soon or simply seeks a way to raise capital. But an owner may be hard-pressed to find an outside investor. Selling stock to other shareholders may be an option, but in many cases the best way is to sell stock to employees through … Read More
A Primer on Choice of Business Entity
Types of Business Organizations
When organizing a new business, one of the most important decisions to be made is choosing the structure of a business. Factors influencing your decision about your business organization include:
Type of business operation
Number of employees
Tax advantages or disadvantages
Length of business … Read More
10 Tips on How to Make Your Professional Business Partners Your Risk Manager
For many business owners, the day to day focus of operating and growing your business takes precedence over everything else. Minor issues are quickly forgotten and not addressed. Sometimes this is harmless and other times, minor problems if they are ignored, fester and become major problems that can result in lawsuits or government intervention. Using a team of professionals - such as your … Read More
A Legal Audit Can Prevent Costly Legal Problems
Preventive medicine means visiting your doctor once a year or so for a checkup, even if you're not sick or injured. Preventive maintenance means taking your car to a mechanic for a tune-up every 15,000 miles, even if it seems to be running smoothly. And preventive law means doing something now instead of waiting until you get sued, fined or indicted. That something is conducting a legal audit to prevent disputes … Read More
Better Safe Than Sorry Always File UCC Termination Statements
If you are negotiating a new business loan, you know that your due diligence investigation on the borrower should include a search of the Secretary of State's records* to confirm that the assets being pledged as collateral are "free and clear" and not subject to the security interest or other lien of another lender, lessor or other secured party. A UCC lien search of the Secretary of State's records will … Read More
Letter of Intent - Prelude to Buying a Business
Buying another business is one way you can enter new markets, acquire needed technology, subsume a competitor, integrate vertically or simply expand. A proposed transaction is often initially outlined in a letter of intent. This document broadly outlines the terms agreed on during preliminary negotiations and protects the deal during the last phases: due diligence, formal purchase offer and final negotiations. A … Read More
Limited Liability Company May Protect Your Assets from Creditors Careful Planning Can Minimize Your Risk
A large component of asset protection planning is designed to help protect your business and investment assets from claims by your personal creditors. If you have a corporation and a creditor gets a personal judgment against you, the creditor can seize the stock of your corporation. If you are the sole owner and your business is held in a corporation, it can be taken over and operated, managed or … Read More
Business Succession Planning
While developing a business succession plan is essential for every business, it is often lost in the day to day focus of business operations. It is vital for family owned or closely held businesses to have a clear, concise and documented succession plan. Family owned businesses may provide unique challenges. Typically, the founders would like to pass the business to their children, regardless of their skills or … Read More
Planning for the Future of Your Business
In an economic downturn, individuals and business owners may question whether or not it is a good investment to spend time and resources on an estate or business succession plan. Actually, it is an excellent time. First, business may have slowed down enough for the owners to focus on the next generation ownership and secondly, your estate may be able to take advantage of lower valuations to transfer assets. … Read More