Daniel E. DeKoter

New business legwork is steeped in legalese and bureaucratic procedures requiring legal assistance.   Knowing beforehand what to do can save a business owner thousands of dollars in representation as lawsuits and other forms of legal infringement or violation can be prevented. If you’re planning to start your own business and have booked an appointment with an attorney, come prepared with all of your questions.   Here are some you can put to your lawyer: Image source: creditcards.lovetoknow.com What is the best business structure for me? How you set up your business affects its future operations.   Depending on your choice, elements like personal liabilities, tax obligations, setup fees, and business applications will vary.   Choices for these include sole proprietorship, a partnership, an LLC, or a corporation.   Talk to your lawyer about these structures and determine what’s best for you and your business. What are my obligations as an e...

Social media a powerful communication tool. It has also become a part of the average person's routine. However, in professional settings, the use of social networks might need to be restrained to maintain the integrity of not just of the business but of the people involved in it. Here are three reasons why social media policies are important in the workplace:  Image source: Pixabay.com To create professional boundaries for employees   It's common to see tweets or status updates from people while they are at work. There are also some people who post about what's happening in their workplace during office hours. While one post can be made in less than a minute, the temptation to wait for reactions or to keep browsing social networks while at work may keep a person from attending to more important tasks. Setting up social media breaks or restricting use can help employees prioritize their work over their feed.  To keep work-related disputes confide...

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...

Being a landlord comes with a lot of risks because of the possibility of delinquent tenants who intentionally or unintentionally fall short in meeting what is required of them. Conversely, some landlords fail to effectively carry out their responsibilities, such as maintenance and repairs, making life difficult for tenants. Image source: flcrelitblog.shutts.com Because of this, disputes may arise between landlord and tenants. Some of these conflicts escalate to the point that mediation, or even litigation, is needed to settle arguments. There are ways to minimize the possibility of disputes, such as the following:   Have a written lease agreement, and gain a full understanding of it . Before signing, both parties must ensure that they know everything they are agreeing to. For landlords, they must make sure that no stones are unturned in the contract clauses and that the tenants understand everything they are complying with. Tenants, on the other hand, ne...

It’s not just the billionaires who have an estate. In fact, almost everyone has an estate. An estate is made up of everything a person owns. This includes the car, home, bank accounts, life insurance, and other personal possessions. This is why estate planning is important for everyone. Image source: 3age.com.my Everyone has an estate plan—one given them by the state of residence, or one that is selected by the person. Those who die without selecting their own estate plan will have their assets distributed according to the probate laws of the state where they lived. This means that one’s family members (e.g., spouse and children) might only receive a fraction of the estate. The court will also be the one to control the inheritance of minor children. In the case when both parents die, the court will appoint a guardian to handle the living heirs’ inheritance. By creating your own estate plan, you are in charge of where your property goes when you die; who manages...

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...

Just as much as one devote so much time on investing and securing one’s finances, it makes sense to take time deciding who will inherit one’s estate. All good estate plans cover key life decisions, whether it’s about what will happen to one’s properties or who will manage one’s finances and health care choices when one is unable to do so for themselves.  Image source: Pixabay.com A proper estate plan is not as difficult or costly to create. In creating it, one needs to ask a number of questions, including “What are my assets and what is their approximate value? Whom do I want to receive those assets and when? Who should manage those assets if I cannot while I live and after I die? Who should make decisions on my behalf or take care of my minor children if I am unable to?” Once one has the answers to these questions, it’s time to seek the services of a qualified lawyer who can advise on matters such as taxes, title to assets, as well as estate management.  ...