Business Start-Up Packet
Step 7: Lawyers, Accountants and Insurance
Attorney
You should work with an attorney to help meet many of the legal requirements facing you and your business, including:
• Your choice of business type
• Employee relations
• Partnership agreements
• Obtaining licenses
• Reviewing and negotiating contracts
• Reviewing various laws and regulations
• Antitrust, product liability and environmental concerns
• Protection of your idea or product
Accountant
Your accountant should be a practical business advisor who can set up a total financial-control system for your business and render sound business advice. At the outset, your accountant should work with you to establish accounting and reporting systems, cash projections, financing strategies and tax planning. In addition, as the company matures, the following services can be provided:
• Strategic planning
• Cash-management advice
• Merger, acquisition and appraisal assistance
• Compensation strategies
• Cost-reduction planning
• Management information systems
Insurance Coverage
Most businesses require insurance in one form or another. Some forms, such as workers' compensation, may be required by law. Others, such as liability insurance, may not be required but should be purchased by most businesses. Shop around to find the insurer who offers the best combination of coverage, service and price. Trade associations often offer special rates and policies to their members.
You should consider the following types of insurance:
• Workers' compensation (mandatory)
• Automobile insurance (mandatory)
• Liability insurance to protect the business from claims of bodily injury, property damage and malpractice
• Fire insurance
• Business interruption insurance to compensate for revenue lost during a temporary halt of business caused by fire, theft or illness or Crime coverage for reimbursement of robbery, burglary and vandalism losses
• Group life insurance (for employer and employees)
• Disability insurance (for employer and employees)
• Key-person insurance to compensate the business for the death or disability of a key partner or manager
• Fidelity bonds to insure against employee theft
• Product liability insurance
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