Legal services for your business growth
Check out Bill's new business blog for ongoing updates on new legislation, regulations and court decisions affecting businesses in the Chicago area, around IL and across the US. the blog will also cover relevant international business and regulatory news.
To be sure you have “home court advantage” if a dispute arises in the course of contract performance and your company has investors in multiple locations, have your lawyer or lawyers make sure the company’s bylaws include “forum selection” terms.
These may also be useful in many corporate contracts such as supplier agreements, franchisee agreements, and international trade deals. Find full text of the relevant recent court decision at http://about.bloomberglaw.com/files/2013/06/boilermakers-local-v-chevron-opinion.pdf.
With healthcare reform coming into effect, you should look at the rates employers can get by self-insuring (with or without use of a benefits management company to help handle claims) and buying umbrella ("stop loss") policies for individual losses or total claims against the business beyond what their cash flow can handle. Umbrella cover and other liability cover may already be in place through your property and casualty insurance carriers. Reinsurance (e.g. all losses above a set amount) is usually a lot cheaper than the first level of insurance. Self-insured employers of any size also avoid the coverage design mandates in Obamacare -- they just have to have "essential benefits." See John Berlau's article for more information.
Bill has helped clients set up self-insurance trusts properly, with funds for benefits separate from business funds so a company can deduct contributions to the trust as ordinary and necessary business expenses in addition to the actual health insurance expenses paid. The business owner can be the trustee, retaining control of investments--which can include reinvesting in your company.