Legal Advisor – Year End Tips For Business Owners

6 “Must Do” Actions Before The End of the Year

Do you know how much you earned last year and how much taxes you will owe?

Review your financial reports and get an idea of your tax exposure.
Speak to your accountant or financial advisor. Maybe a large purchase is better made now, before the end of the year. Maybe all purchases should be frozen until next year. You be the judge.

Tie in employee bonuses to performance

Are the bonuses you are giving commensurate with performance?
If not, make it clear that the checks are holiday gifts. One common mistake an employer makes is giving “holiday bonuses” and then terminating an employee for bad performance. Another mistake is terminating an employee right before Christmas.
My recommendation would be that unless you have good cause to terminate now, wait until next year or call me to consult.

Look at Your Insurance Policies

You may benefit from additional insurance. Whether that is in the form of higher policy coverage or different types of insurance, depends on your business.
Policies that were unavailable or unaffordable just a few years ago, are now common. Do you have cyber insurance? Are you covered for data theft? Have you updated your intellectual property coverage, what about employer’s liability insurance and workers compensation? Even your general liability policy and your umbrella coverage can stand scrutiny. If reading insurance policies does not sound like fun, contact an attorney such as myself for a review.

Look at your Infrastructure

Do you need a new computer or network? Copier? Phone system? Are you planning to move or renew your lease? When is the best time to make these decisions and purchases? Some simple planning may avoid pitfalls.

Update your business customer, vendor, and contact list.

Do you plan to send Christmas cards or prepare an e-blast? Is your marketing and advertising plan for 2018 ready to implement in January?

Reviewing your situation with experts to decide where you want to be in 2018, will make your Holiday Season happy and bright.



Have A Very Happy Holiday Season

I am always glad to consult with you when or before any legal problems arise. Thank you to the many clients who have put their trust in The Law Offices of Liat Cohen to handle their legal matters.
I look forward to our continuing relationship.

Liat Cohen, Esq.
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Do you have a similar legal problem?

Liat Cohen has been practicing law in the Los Angeles Area for over 25 years.  If you have experienced a similar issue, feel free to contact her for a free initial consultation to discuss how she can help you solve your legal problems.

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    2019-11-15T12:50:18-08:00December 12th, 2017|