Daniel E. DeKoter

Image source: dontpanicfoundation.org Thousands of injuries are caused by defective products annually. As protection for consumers, there is a set of rules under the umbrella term, “product liability law,” which makes it less difficult for the affected party to recover damages and serves as a reminder for companies to ensure the quality of the goods they manufacture or distribute. Product liability cases can fall under three types: Design defect In design defect cases, there is something inherently dangerous or wrong with the product due to errors in design. For example, if a customer buys a household fan whose protective guards have unreasonably wide openings wide enough to fit a finger, an injury caused by the product can be the basis of a product liability suit. Manufacturing defect A defect in manufacturing is described by the Third Restatement of Torts as the creation of a product that “departs from its intended design even though all possible...

Based on figures from the U.S. Small Business Administration, approximately half of small business owners, which equals to around 28 million people, are at least 50 years old. This means that they may be at the point in their lives when they are deciding on what to do with their business. Image source: engracefinancial.com Owners have choices as to what to do with their business when they eventually retire, when they decide to change careers, or move away from their present location. A little less than 80 percent of small business owners, according to a study by CNBC and the Financial Planning Association, intend to sell their business, which they would subsequently use as retirement funds.  There are some, though, who would rather pass down the business to someone they trust that can continue the legacy they have built. And for this, a succession plan should be created.  It involves more than just choosing a successor from the family or within the orga...