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Practice Areas

• LEGALLY SPEAKING - FORUM OF THE WEEK, a Blog
• "LEGALLY SPEAKING"
• UPCOMING EVENTS & SEMINARS
• PERSONAL INJURY
• TRUCK ACCIDENTS
• WRONGFUL DEATH
• BANKRUPTCY & DEBT RELIEF
• CRIMINAL
• AGRICULTURE BUSINESS STRUCTURING AND WEALTH PLANNING
• BUSINESS PLANNING
• ELDER LAW
• ESTATE PLANNING AND SPECIAL NEEDS TRUSTS
• PROBATE/ESTATE AND TRUST ADMINISTRATION

Frequently Asked Questions by our clients in Indiana

Q: What can I do to make starting my business less risky?

A: First, and this may seem obvious but it is nonetheless worth mentioning, you should not risk more than what you are willing to lose.  No matter what other risk minimization measures you take, your business will not be risk-free.

Second, when starting your new business, be certain that you select the appropriate business structure.  In general, the most important factor regarding risk reduction will be the avoidance of personal liability.  Question Two, above, provides a brief explanation of the various types of structures and their relative advantages and disadvantages, including issues of protection against personal liability.

Third, have your attorney and your accountant audit your business periodically.  Business audits (which are not to be confused with tax audits) are an opportunity for you to discuss your business with your attorney and accountant, and for your attorney and your accountant to make sure that your business is not inadvertently increasing its risk of liability or negative tax consequences.

Fourth, maintain appropriate business insurance.  There are several types of insurance that you may find necessary, including: liability insurance, product liability insurance, key man insurance, and life insurance.  You will want to discuss this important issue with your insurance provider.

Fifth, have a contingency plan.  A good contingency plan will help you address concerns such as:

• If my business does not succeed how long will it take me to find other employment? 
  
• Do I have enough money saved to cover my living expenses during that time? 
  
• Have I done everything possible to minimize my personal exposure in the event that my business is not successful?

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