Let’s talk about the purpose of life insurance. Once we get the proper purpose of insurance down to a science, then everything else will fall into place. The purpose of life insurance is the same purpose as any other type of insurance. It is to “insure against loss of”. Car insurance is to insure your car or someone else’s car in case of an accident. So in other words, since you probably couldn’t pay for the damage yourself, insurance is in place. Home owners insurance is to insure against loss of your home or items in it. So since you probably couldn’t pay for a new house, you buy an insurance policy to cover it.

Life insurance is the same way. It is to insure against loss of your life. If you had a family, it would be impossible to support them after you died, so you buy life insurance so that if something were to happen to you, your family could replace your income. Life insurance is not to make you or your descendants rich or give them a reason to kill you.

So, let’s start from a free-market theory; something is only worth what someone will pay for it, and supply and demand determines the price in free markets. Thus, much of the lawyers pricing has to do with value and perception of value by you the consumer, customer, or client. There are three main items that dictate the perception of value of lawyers, practicing lawyers, which are actually working for you, not necessarily politicians which happen to have law degrees:

Quality of Service
Quality of Work
Market Going Rates

Now then, if you hire a lawyer that is expensive you assume that their quality of work is excellent, as in that is a given, but beware because that is not necessarily so. But since it is assumed, that means it is a perception. Thus, by charging more this gives the illusion of quality, since “you get what you pay for” is a common theme in capitalism and if it costs more, it must be good.

Some of the common errors in medical malpractice include failure to diagnose or misdiagnosis of a disease, improper treatment, surgical errors, incorrect administration of anesthesia, prescription errors, and so on. If you or anyone in your family member were a victim of medical malpractice, you can file a complaint and recover for damages. Here are the steps that you need to undertake regarding this matter.

Talk to a lawyer

The first step is to find an attorney who specializes in the area of medical malpractice. Having a good lawyer by your side will help make things easier and less complicated for you. As you can probably imagine, the doctor or hospital that committed the error would do everything in its power to safeguard his/her/its reputation so you can expect that they will not be too easy in disclosing information pertinent to your case. A lawyer will help you get through this obstacle. Since most of medical malpractice cases involve lots of money, the doctor and hospital will have their malpractice defense lawyers fight arduously for the case.

Get certification of merit

Your lawyer will have a medical professional on his/her staff who will be ready for consultation regarding the details of the case. This medical professional will give a certification of merit to confirm that negligence in the medical care or treatment was present.

Notify all the parties involved

It’s not only the doctor who’s involved in the case but also the nurses and hospital (or clinic or any other medical facility). They will all be notified about the claim. They in turn will get in touch with the medical malpractice insurance providers to notify them about this. Their defense attorney will start to build defense.

File the suit

After it has been established that the case is meritorious, you and your lawyer can now work to file the case in the civil court. This will begin the legal process. The parties will have time to establish their cases and build their evidences. This will help determine the strength of the claim.

Consider settlement negotiations

Most of the cases that involve medical malpractice are settled out of the court. Since both parties are aware of the costs and risks of taking the complaint to trial, they usually agree to settle the amount out of court. If it happens that the amount of damages are not amicably agreed upon, then the plaintiff attorney will bring the case to the court.

Like legal malpractice, medical practice cases are hard and complicated. It’s best that you have a good lawyer to help you in every step of the way.

If you’ve paid attention to the headlines lately, you probably know that employment law for business is one of the number one areas where you can get into trouble if you aren’t up on all the employment laws and regulations. There are numerous laws that govern the employment of both regular employees and contract employees. Just for a broad overview, take a look at all the employment business laws you must meet:

· Civil Rights Act of 1966

· The Equal Pay Act of 1963

· Americans with Disabilities Act

· The Immigration Reform and Control Act of 1986

· The Age Discrimination in Employment Act

· The Equal Employment Opportunity Act

· The Bankruptcy Act

· The Occupational Safety and Health Act

· FMLA, the Family Medical Leave Act

· Employee Polygraph Protection Act Labor Law

· FLSA, the Fair Labor Standards Act

And that’s not even counting the various state employment business laws that might apply to your business! If you aren’t sure of whether you are meeting all the regulations, it’s a good idea to get a checkup for your HR department.

Do you happen to work in the international arena? If you have anything at all to do with international business, then you should be aware of the many ways in which international business law can affect you, your business and your bottom line. At a minimum, you need to make sure that you meet general international business laws, specialized export laws, import laws and any laws of the foreign country in which your business operates.

And what about the business law scene at home? Were you aware that in addition to Federal business law and international business law, you are probably required to meet State business law regulations? Do you know whether you need a business permit or license? Failure to obtain one can result in the shutdown of your business and hefty fines and penalties. This is just one of the ways that state business law, such as California business law, can affect the health of your business if you aren’t careful to stay on top of things.

Finally, what about Internet and online business laws? Were you even aware that there was such a thing? The Internet has exploded so much in the last decade that the government has found it necessary to institute Internet compliance laws. If you operate a website of any kind and do not meet the compliance regulations, that site could be shut down and you could face criminal prosecution and hefty fines.

In case you are under the impression that you need to be a graduate of a business law college or have a business law major in order to understand and use some of the basic ideas of small business law and corporate business law, you are making a very big mistake. Perhaps you have heard form the news and the headlines that employment law for business is one of the most dangerous fields, as a person can easily break the business laws and regulations.

The least anybusiness man should know is that he or she must meet the general international business laws. You must also consider the export laws, import laws and but, by all means, one must obey to the specific laws of the country in which your business is situated.

Should you own a company that operates in your home country, then you must get to understand the business laws there. If you cannot manage to get a business permit or license, you can find yourself in a great amount of trouble, as your business can get shut down. Not to speak about the inconveniences due to business and hefty fines and penalties!

If you thought that Internet and online businesses do not need to take these rules seriously, then you can have the unpleasant surprise of getting serious problems. Of course these types of business need to obey the business laws, but they are called Internet compliance laws.

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It is not possible for any single entity, including your local law enforcement department to know them all. Yet, it is vital that you are familiar with at least the most important laws that pertain to your business. As usual we’re here to help.

Business laws fall into certain categories as listed below:

o Business formation laws – these laws pertain to the structure of the business. For example a sole proprietorship is regulated very differently from a corporation.

o Tax laws comprise laws pertaining to all taxation issues, whether it is the filing of returns or the payment of sales tax, corporate tax and other similar levies.

o Employment laws – these govern recruitment and retrenchment of employees, wages & workers’ compensation, unemployment benefits, workers’ rights and related issues.

o Trademark and patent laws – these laws pertaining to ownership of intellectual property such as inventions, trademarks and patents.

o Environmental laws – Companies engaged in the recycling of material and the discharge of hazardous waste must comply with environmental regulations.

o Consumer protection laws – these protect the consumer from fraud or unfair business or advertising practices.

Headache, already? Here are a few tips to help you deal with it.

One size doesn’t fit all. We just talked about some of the important legal categories under which you will find regulations that affect most businesses. In addition, specific laws may apply depending on the type of activity involved. If, for example, you are selling company stocks you will need to adhere to the Securities Law, but for a medical practice, there’s an entirely different set of rules that come into play. State laws may also dictate how contracts and legal documents are to be written and enforced.

Over the last 15 years of economic prosperity, the financial success of many family businesses has spawned a number of bad habits. A recent meeting I had with a client led to a discussion of the economic outlook in his industry-rising fuel costs together with a more competitive landscape have led to a shrinking bottom line. The natural tendency in tough economic times is to cut costs and consider letting some employees go. Upon further discussion with my client, it became clear that the family members around the table in management positions were reacting to the pressures without a clear understanding of the true cause of their financial troubles or the likely financial impact of their decisions.

I asked the founder of the business how he ran the business seven years ago, when it was growing rapidly. As expected, I heard that there were regular weekly meetings that included a review of the financials and in-depth analysis of revenue and cost trends, and a comparison to a budget. My client admitted that as the business grew and profitability exploded, the budget process became less disciplined. Weekly meetings became monthly meetings and then disappeared altogether. Further discussion also revealed that family tensions were ignored as the business grew and bank accounts expanded.

Suppression of family conflict did not resolve it, but only made it more deep seated. This lack of financial discipline combined with increasing tension in the family and a shrinking bottom line were leading to real challenge. Beyond economic discipline, families must have the discipline to stick to their policies and succession plans. Families can avoid creating additional tension at an already challenging time by enforcing discipline in all areas of family business planning.

Before getting involved into any business deductions, one should first have a good understanding of the business tax law. The business tax law involves the taxation of income and property acquired through professional efforts. In addition to income tax, there is sales tax, capital gains tax, property tax, and other areas of tax. Every business liable for income tax must keep a record of all transactions made so that the total amount of the gross income can be estimated. The interesting thing about business tax law are the changes made by the Bush administration with the ‘Tax Increase Preven-tion and Reconcilia-tion Act of 2005.’ This act includes several important business tax changes that will examine.

The new business tax law allows small business to deduct up to $100,000 of investments in qualifying depreciable assets through 2007. Also, under current law, the domestic manufacturing deduction is also limited to 50% of a taxpayer’s total W-2 wages. The new law modifies the wage limitation so that taxpayers may only include W-2 wages that are deducted in arriving at qualified production activities income.

For all you business owners out there, there are some advices that you can use in respect to those business tax law changes. First of all, you can continue to treat dividend payments at the lower rate.

The main business tax increases in the new law consists of – limiting the foreign earned income exclusion for housing expenses; repealing the foreign sales corporation and extraterritorial income exclusion benefits for certain “grandfathered” contracts; denying tax-free treatment to certain “cash-rich” spin-off transactions; and requiring withholding after 2010 on government contract payments.

The act also modifies certain corporate estimated tax payment requirements for large corporations (those with a minimum of $1 billion in assets), requires reporting of interest on tax-exempt bonds, and applies the earnings-stripping rules to corporate partners. Other business revenue-raisers affect foreign investors in U.S. real estate, major integrated oil companies and pooled financing bonds. Find out more about tax law and tools at http://www.localtaxabatement.com

According to the new business tax law, the self-employed tax contribution base is increased from $94,200 to about $102,000 in 2008. The self-employment tax rate continues to be 15.3%. The full rate applies to the first $102,000 of self-employment income; after that only the 2.9% Medicare tax applies.

Keep in mind that US business are taxed on their worldwide income. In other words, no matter where your business earns money from (in terms of geographic locations), it’s still treated as income taxable in the US. There is just one exception to this rule and it’s only if your business is located outside of the US and you reside there for most of the year.

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Talking about business laws in microscopic detail would need a couple of months of your time! There is indeed a plethora of legislation that governs small businesses, ranging from state to county laws. Some are relevant to your business even today whereas others are outdated and have not been enforced since the early part of the last century!

It is not possible for any single entity, including your local law enforcement department to know them all. Yet, it is vital that you are familiar with at least the most important laws that pertain to your business. As usual we’re here to help.

Business laws fall into certain categories as listed below:

o Business formation laws – these laws pertain to the structure of the business. For example a sole proprietorship is regulated very differently from a corporation.

o Tax laws comprise laws pertaining to all taxation issues, whether it is the filing of returns or the payment of sales tax, corporate tax and other similar levies.

o Employment laws – these govern recruitment and retrenchment of employees, wages & workers’ compensation, unemployment benefits, workers’ rights and related issues.

o Trademark and patent laws – these laws pertaining to ownership of intellectual property such as inventions, trademarks and patents.

o Environmental laws – Companies engaged in the recycling of material and the discharge of hazardous waste must comply with environmental regulations.

o Consumer protection laws – these protect the consumer from fraud or unfair business or advertising practices.

Headache, already? Here are a few tips to help you deal with it.

One size doesn’t fit all. We just talked about some of the important legal categories under which you will find regulations that affect most businesses. In addition, specific laws may apply depending on the type of activity involved. If, for example, you are selling company stocks you will need to adhere to the Securities Law, but for a medical practice, there’s an entirely different set of rules that come into play. State laws may also dictate how contracts and legal documents are to be written and enforced.

Start at the beginning. Just as you craft a business plan in stages, look at the whole legal puzzle bit by bit. Begin with the laws pertaining to the basics of starting a business. Do you need a business license or a special permit? Are you planning to hire employees or will you go it alone? If your business sells goods, it will need to pay sales tax. Look at each business aspect carefully to understand which category of laws apply to it.

Know only what you need to. If you are in business by yourself, for example, you won’t need to bother with laws governing workers and staff until you are ready to hire additional people. Likewise, if you are in a service business, you typically won’t need to bother yourself with removal of hazardous waste.

See the bigger picture. As your business grows, so will the number of applicable laws. Always examine the legal angle when you plan new projects and initiatives. Also, discuss all potential significant legal matters with your advisor.

Ensure compliance. Be unafraid to ask questions of your legal advisor and do not assume something is legal just because it is a common trade practice. Also talk to the local Chamber of Commerce or other business owners to make sure you are on the right side of the law.

Make amends. Finally, should you find that you’ve contravened a law without intending to, take remedial measures. The law is quite lenient with first time offenders – of course, it also depends on the nature of the violation.

Having to deal with laws and legislation may seem a drag, but there’s no denying their importance. Taking adequate steps to ensure that you have to run into them only as much as you need to!

Over the last 15 years of economic prosperity, the financial success of many family businesses has spawned a number of bad habits. A recent meeting I had with a client led to a discussion of the economic outlook in his industry-rising fuel costs together with a more competitive landscape have led to a shrinking bottom line. The natural tendency in tough economic times is to cut costs and consider letting some employees go. Upon further discussion with my client, it became clear that the family members around the table in management positions were reacting to the pressures without a clear understanding of the true cause of their financial troubles or the likely financial impact of their decisions.

I asked the founder of the business how he ran the business seven years ago, when it was growing rapidly. As expected, I heard that there were regular weekly meetings that included a review of the financials and in-depth analysis of revenue and cost trends, and a comparison to a budget. My client admitted that as the business grew and profitability exploded, the budget process became less disciplined. Weekly meetings became monthly meetings and then disappeared altogether. Further discussion also revealed that family tensions were ignored as the business grew and bank accounts expanded.

Suppression of family conflict did not resolve it, but only made it more deep seated. This lack of financial discipline combined with increasing tension in the family and a shrinking bottom line were leading to real challenge. Beyond economic discipline, families must have the discipline to stick to their policies and succession plans. Families can avoid creating additional tension at an already challenging time by enforcing discipline in all areas of family business planning.

Family Business System Managing the intersection of the three systems present in family business-family, business, and ownership-is a key to family business success. Tough economic times create stress across the system. Business performance may suffer and tough decisions need to be made. Family business conflicts, which are easy to ignore when the return from the business is good, rise to the surface during an economic downturn. Family members not in the business may blame those who are for not addressing financial problems sooner. Owners have to deal with the possibility of cutting back on distributions or possibly even selling the business. The conflicting goals, which are often present in the three systems, are best managed by policies and processes that ensure all concerns are addressed and brought into alignment.

The tendency is to ignore policies and processes when times get tough. However, a sound family business infrastructure is even more crucial in tough economic times. Families have a dividend policy stating that dividends will only be paid when they do not threaten the viability of the business. In tough economic times, dividends may need to be suspended. During an economic downturn, the test will be whether or not family members follow the policy.

Enforcement of a family employment policy is another example. Breaking the policies that you have in place is not good for the business or the family. There does need to be some flexibility in policies and processes to address unforeseen challenges. However, families must consider the long-term implications of breaking rules they originally made in the best interest of the business and family. To weather an economic downturn, families must build a strong infrastructure and stick to it.

Four Tips for Addressing a Downturn 1. Build or return to sound business management practices. Tracking and enforcing responsibility for financial results is important in good economic times, but it is essential in a downturn. Creating a realistic budget to ensure that revenues will cover costs is also imperative. This exercise should consider what areas can be cut back if revenues shrink substantially. Once the budget is complete, create a process for tracking performance against the budget so that any changes in the environment faced by the business are identified quickly. Developing solutions in areas that are not tracking against the budget and then holding management accountable for delivering results (or alternative solutions if budget expectations are no longer realistic) are a natural outgrowth of the process. Last but not least, it is critical in uncertain times to hold regular management meetings where the team can discuss changes in the business environment and also develop plans to address them.

2. Be prepared for lower distributions. A business that has prospered over the years and has always paid generous distributions or dividends to its shareholders may find it difficult to meet these payouts during today’s challenging economic times. A family shareholder group that has taken the time and effort to learn about their business and the factors that make their dividends possible will be in a much better position to anticipate and adapt to changes in their dividends than a shareholder group that has just accepted their dividend checks without any effort to understand what lies behind them.

3. Stick to your employment policy. Many families require members of the next generation to work outside of the business for several years before the next generation can work in the family business. However, when the economy slows and a well-paying, desirable job is tough to find, the family may be tempted to ignore its employment policy and hire young family members right out of college. The family may ask, “What good is having a business if we can’t help the kids during tough times?” A valid question-but perhaps the members of the family would be wise to remember why they created the policy requirement in the first place. Most family members are able to make more significant and enduring contributions to their business after having a chance to learn in other work settings. Just because it’s very difficult to find work, is that requirement no longer relevant? Rather than simply ignoring the established policy, a family must seek ways to help young, inexperienced family members without abandoning its stated policy. There are many ways to accomplish this, and each family will find its own way. For example, the family business can help family members with resume development, interview preparation, or even introductions to possible employers.

4. Honor the succession plan. A father or grandfather who has turned management of the business over to members of the next generation is often tempted to jump back into action during tough times. The family may welcome and encourage their involvement because of Dad’s or Grandpa’s history of success under pressure. Will the family allow the current leadership to lead or will there be too much fear for the family to place its trust in the next generation’s leaders? An “either/or” solution is not the answer. Finding a way to access the wisdom of the senior generation without cutting off the junior generation at its knees will be imperative. Combining the wisdom of the past with the talents of the present will be the key to success in these tough times. A family’s response to these economic times could be seen as a test of will and commitment. A family shareholder group that has worked hard to establish policies and governance systems will certainly be led to question the wisdom of those policies, which were likely created during times of peace, calm, and even prosperity. Will the family stick with its policies, even if individual or collective suffering results in the short term? What will take precedence-the needs of the business, or the needs of the brother who requires his dividends for a mortgage payment or the sister whose daughter needs a job? All systems will begin to fray or fracture at their weakest point, when the going gets rough and pressure starts to build. A family system is no different. Many family businesses are seeing and feeling more than a few cracks starting to emerge in response to today’s increased economic pressure. By returning to the tried and true-strong governance, agreed-upon policies, family education-families can use the challenges of these tough times to become even stronger and more unified.