What business and legal risks keep you awake at night?
Consider the following fears and nightmares and how much they might cost you…
- Your personal liability
- Loss of your business
- Partnership/ownership headaches
- Employee and HR problems
- Non-compliance penalties
- Paying too many taxes
.DID YOU KNOW… the IRS has published 18 new pages describing what a “full-time” employee is? Are you prepared to pay FICA, benefit costs, and penalties for not complying with “contract employee” rules?
The Hard Facts:
Each year, successful companies fail due to inadequate legal preparation, government penalties, taxation, non-compliance issues and other unexpected problems. These issues must be dealt with before they happen in order to prevent business and personal wealth destruction.
Business Owner Legal Support
For the business owner, or for someone looking to start his or her own business, Jeffrey R. Young & Associates specializes in serving as your comprehensive “go-to” advisor.
We will work with you closely to evaluate your current processes and procedures to ensure that you have effectively implemented all necessary business planning strategies and policies, both financial and legal. Your business equity is a key asset and proper planning is essential in establishing a solid course for the future of your business, money, and family. Here are just a few of the areas with which we will assist you:
DID YOU KNOW… the US Government spends $48 billion enforcing regulations on business? Where do you think the funding for such activity comes from?
Here is a list of some of our services and their significance to you:
- Business Entity. We will review your current legal status and establish the best legal entity to maximize your benefits and minimize liability for your business.
- Do you have a high risk of personal liability?
- Is there a potential for government fines & penalties?
- Are your directors & officers protected from personal liability and indemnified?
.DID YOU KNOW… that if you choose the wrong business entity you could expose your home and personal assets to lawsuits and creditors?
- Corporate Records & Registrations. We will review, clean-up, and bring your records to the required current level.
- Have you increased your personal liability by not acting as a corporation?
- Is there a potential for government fines & penalties?.
- Owner & Partnership Agreements. We will create the documents needed to define how the partners will work together now and in the future.
- Are your ownership rights clearly stated?
- Are all important operational issues fully attended?
- Are there any differences in goals of the owners?
- Are there any re-investment decision conflicts?
- Is it clearly understood how/when owner distributions will be made?
- Operating By-Laws & Agreements. We will help you create the necessary legal documents required under incorporation laws and define a roadmap for the business.
- Have you increased your personal liability risks by not creating or following your business operating agreement and by-laws?
- Is there a conflict in purpose and goals of the business?
- Buy-Sell Agreements. We will clarify value and create a plan that establishes a clear direction on how who gets paid and how much.
- How will you determine share value with multiple partners?
- Have you considered the unlimited contingencies if this is left undefined?
- Do you have a plan that allows new investors/partners into the business?
- Tax Planning. We will review your entity arrangement & offer plans on how to reduce your tax liability.
- Are you paying higher taxes than you should due to structure and reporting errors and omissions?
- Do you run the risk of severe penalties for improper tax deductions?
- Employee Hiring & Agreements. We will create enforceable agreements and establish record keeping guidelines. We can help you significantly reduce your hiring costs.
- Are you wasting money with your current hiring practices?
- Does your documentation process leave you at risk for fines or discrimination claims?
- Are your confidentiality and non-compete agreements enforceable or do they leave your business vulnerable?
- Do you have an employee handbook to protect your business?
- Have you posted all required safety and employee notices?
- Employee Benefits & Health Insurance. We will help you evaluate and create a plan that meets your budget and legal requirements.
- Are your benefits more expensive than they need be?
- Does your 401K leave you personally liable for fines due to fiduciary requirements?
- Will you meet the Affordable Care Act requirements?
- Independent Contractors. We will evaluate your current personnel arrangements and establish clear-cut employment rules and guidelines.
- Do you have any part time or contact employees?
- Do your independent employees meet federal standards or are you at risk of having to pay heavy fines in addition to back-pay, FICA, and withholding taxes?
- Business Insurance Needs. We will evaluate your property and casualty insurance needs and recommend an arrangement that meets your business needs.
- Is your insurance the correct type for your business risk or is it possible you’re not covered in areas you need?
- Succession Planning. We will work with you to establish clear-cut guidelines on how your business will be passed down.
- Do you have a written policy on how/who will do what should something happen to you?
- Are there multiple owners who might have different goals regarding future succession plans?