Jacksonville CPA | Follow The Policy Guidelines
Hello, today, thank you for listening to this segment of the podcast. This is brandon mcelroy from a president of Mineva, Jacksonville based tax and accounting firm. If you have a Jacksonville CPA that is not getting you the results you desire for your business, give them a call. So today we’re going to talk about liability issues. Now, disclaimer, I’m not an attorney and a, I would recommend you see a good attorney to help you make sure that you are protected personally. Your Business is protected as much as you can, so you know, a good attorney is going to help you and if you come to them and eva, we have many referrals we can give you
and help you make sure that your needs are met in that area. But just some, some, a brief overview. It starts. Many small businesses with insurance know the best defense against the lawsuit is insurance. Okay? You’re going to have people out there that are sue, happy in, that are going to know they have. They can hire some lawyer that has no ethics. I can sue you and the lawyer is going to, the insurance company knows that, that it’s going to be easier just to settle than to fight whatever it is in court. And so they’ll just saddle have insurance solves the problem. So another thing you want to consider is your entity structure. We’ve talked about intouch entity structure for tax purposes, but you also want to think about having an, an entity to protect your personal assets from your business
operations. So if you offended people, don’t realize the great liability that business owners have. For instance, your employees considered your agent, um, and whenever they are carrying out company business, they’re, they’re working for you. And therefore if they do something that causes harm to someone else, or maybe it’s an advertently, uh, then you could be held liable potentially depending on the situation. But you know, if your delivery driver runs into someone by accident, kills them are severely maintenance. Now your company can be held liable. So there’s a lot of medical bills or something and you have assets personally. Now you have a nest egg saved up real estate fund or or something to that fact, assets you’ve worked hard for, they can be potentially exposed and an estee lauder like this,
so there’s something you want to consider. So it was very important to make sure that you have your business operations completely separate from your personal operations, your household operations, finances, your business, operations or business. Your investments should not be done through your business, your investments for personal net worth reasons not be done through your business. Okay? You know, if you have an investment account belt up when you get sued and then by by goes all your profits. So definitely if you don’t have a Jacksonville CPA that can guide you through these issues and refer you to the right legal counsel and give a knife a call. So
even though you have the appropriate, the appropriate business, a entity division, then you need to. If you run personal transactions through your business and you use your corporate account like a piggy bank than a good attorney, a good attorney possibly go in what’s called piercing the corporate veil, which means they could pierce the veil to go through to your personal finances and have access to whatever personal assets you may have. Okay, so number one, good insurance. Number two, make sure that your entity structure is sound legally. And, uh, if you’re a Jig, Jacksonville CPA is not working with you on these things and give them a call. So, uh, another item is internally. Okay, you have, there’s so many legal issues, a business center may face, you know, hr and labor suits. So
I’m sure you have appropriate policies documented and employee handbooks and so, and you follow those policies as it relates to hiring and firing and not being discriminatory and treating people fairly know your wage and hour. You need to make sure that you’re properly paying people over time so you’re not, you don’t get involved in a wage and hour lawsuit. That goes back to setting up your, your accounting system correctly in your payroll system correctly. So make sure with the good accounting team and legal team who can mitigate, now we can’t get rid of all the liabilities. You still may have the possibility of someone suing you, but you need to have a good framework of which to come back and refute lawsuit to defend the lawsuit and also your business property. If you have a Jacksonville CPA that it’s not working with you on these issues, give me a call if you own property on your own, maybe own, operate out of a commercial building. Um, make sure that this, the building is,
um,
there are no, you’re not being negligent as it relates to the safety of others. Uh, sometimes you can overlook these things, you know, handrails, potholes, things where people may get hurt. You want to make sure that you have the appropriate insurances again, and then be proactive as it as it relates to making sure your business facilities are safe. And, um, so I can guarantee you that 90 percent of Jacksonville CPA out there are not addressing these issues. But I hear it Mineva, we want to help you achieve your goals, and so we talk about things that other accountants don’t talk about, but they’re important to running a business and to making sure that you achieve your financial goals. Because if we help you keep more of that profit and you get sued, somebody texted it away, then we have shot ourselves in the foot. Anyway, we appreciate your time. Give them an Eva Cole. Thank you.