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Thursday, November 20, 2008
But liability costs also discourage product innovation. Overall, liability simply describes some form of obligation or responsibility. Department of Justice and various legal reform groups advocate schedules and limits for compensating pain and suffering. But juries seem willing to see pain and suffering almost anywhere.One response has been the growth of the liability insurance industry, offering such coverage as physicians malpractice insurance. They can also make transactions between businesses more efficient. When you have an accident, you may have many things on your mind besides legal representation. Current liabilities are debts payable within one year, while longterm liabilities are debts payable over a longer period. From purchase of equipment, and others. Longterm liabilities these liabilities are reasonably expected not to be liquidated within a year. Jur responsabilit, handicap, charge, fig poids mort, passif npl, dette npl idiomslimited liability companynbspnbspnbspnbspsocit responsabilit limiteDeutsch Germann. Strict liability often applies to vehicular traffic offenses.An equitable obligation is a duty one person owes another, or is liable for, for some special reason. In relation to assets and capital. These increases cannot be accounted for by greater product riskiness. Agent Orange, asbestos, and the Dalkon Shield cases are the three most notable examples of such litigation. Similarly, 15 to 25 percent of the cost of every ladder purchased is used to defray liability expenses. Free online motorcycle quotes as well. The person who is at fault is liable to another because of his or her actions or failure to act.The former policy required thatyou report fraudulent activity within two business days of discovery. Deposit received by a bank is credited because the banks liability to its customer, the depositor, increases. Post a question or answer questions about liability . Currentliabilities are debts payable over a longer period. Coverage would also apply for official Club participation, for instance participating in a communitysponsored event. Over time, the resulting legal fictions became increasingly strained. The courts may even state that they are applying strict liability. This site has a comprehensive range of insurance products to aid you with your requirements. The legal criteria for such compensation are not well articulated. Payment of damages usually resolved the liability.Use the Esurance calculator to find out howyou can help solve the climatecrisis. Kip Viscusi Until recently, property and liability insurance was a small cost of doing business.Recent Photos
...finally...check out this video
Thursday, November 20, 2008
Limited Liability Companies (LLCs): Avoiding Disasters, Mistakes and Confusion! (Part One)By: Darius Barazandeh
I see it several times per day, everyday: An LLC disaster waiting to happen! No matter where I travel or with whom I speak, it’s clear that small to mid-sized business owners are not getting proper instruction on how to create, run, and maintain a ‘rock solid’ LLC. Did you or your attorney form your LLC? Are you now left with a stack of papers and confusion?
One comment that I repeatedly hear is, “Well, my attorney set it up for me two years ago…so everything is rock solid.” Usually, without much probing, I soon learn that little else has been done since then. I will typically find that even the attorney may have missed a few steps along the way! In fact, we have uncovered 24 mistakes/traps that LLC owners face all the time! Many of these mistakes are even made by attorneys, experienced business owners, and very talented people. So if you want to avoid disasters and create a ‘rock solid’ LLC…let’s get started!
While I can’t cover all 24 mistakes and traps in this article, let’s talk about the FIRST 5 MISTAKES in some detail:
1) THE ‘FATAL DEATH’ PERSONAL LIABILITY CLAUSE – A handful of states have a strange option in their articles of organization forms which can be d-i-s-a-s-t-r-o-u-s. Some states require the filer to select whether or not LLC members will be personally liable for the business debts of the LLC. Obviously, members should not be personally liable for LLC debts and obligations! This is the reason you are forming an LLC to begin with…remember? Carefully read the articles of organization or similar formation documents in all states. Make sure that you and your attorney do not accept member personal liability for business debts. If you had an attorney or filing service submit your organizing documents for you, then it is always a good idea to ‘double check’ this area. Make modifications if needed. You would be surprised how many times it’s a secretary, legal assistant or clerk who actually completes your precious articles of organization. Just because a box exists, this does not mean you should ‘checkmark’ it!
2) NOT MAINTAINING ‘REQUIRED’ RECORDS – Here is an area where much confusion exists. When I talk about required records, I almost always get the same response, “I don’t want to keep records…that’s why I chose the LLC over a corporation!”
Hold on one minute…because you may be surprised to learn that almost every state requires the LLC to maintain certain key records. In fact, maintaining ‘key records’ is one of the few ‘formalities’ that states do impose on the LLC. As a result, this can be a prime target area of attack if a suing attorney, the IRS, or a bankruptcy court wishes to ‘set aside’ or ‘penetrate’ the LLC.
We have reviewed this area in much detail for all 50 states and D.C., and I can tell you that each is different. Regardless of what your attorney, accountant, best friend, or local guru tells you, this is a MUST DO area! Some common records include: copies of resolutions, unanimous consent forms, copies of meeting minutes, tax returns (from 3 to 6 years), the names and addresses of all current and former members and/or managers, a copy of the operating agreement and more!
3) FAILING TO UNDERSTAND AND REVIEW YOUR OPERATING AGREEMENT – This is an all too common mistake. The operating agreement is perhaps the most important document of the LLC! The operating agreement is an ‘internal’ set of rules for the company. It is basically a contract among members of the LLC. Even if you are the only LLC member this document is very important! We continually find that many business owners have a generic operating agreement that has never been reviewed or even signed by members!
Even worse, most operating agreements are usually missing some KEY components. In fact, we have isolated 43 to 45 key components that must be included in almost all operating agreements. Most canned and even ‘customized’ agreements only contain about 25 to 30 of these components. At a bare minimum, you should understand what the ‘best practices’ are regarding operating agreements and then compare this ‘gold standard’ to what you have. Special tax treatments for the LLC (such as the popular S-corporation tax treatment under Sub Chapter S) will require additional terms and controls!
(Please see part two)
To learn more about the remaining traps, mistakes, and errors, which entity may be best for your business and how to file, create, run, and maintain your own ‘iron clad’ LLC or corporation, please see Mr. Barazandeh’s, Incorporate for Wealth ™ and Wealth Building LLC ™ courses at http://www.theinformedinvestor.com and http://www.attorneysecrets.com
I want to wish you all the best in your business and email me if you ever need help: taxenterprises@yahoo.com
About The Author:
As a licensed attorney and former business consultant, Mr. Darius Barazandeh brings a high level a professionalism teamed with in-depth legal and business knowledge to the world of real estate coaching and training.
