Posts by Bill Wortman

Consultant’s Corner: Do I Need Liability Insurance?

Question: How do I know if and what type of liability insurance I need for my business? Essentially, every business needs some amount of property, liability, and vehicle insurance depending upon the business activities and other factors. Business insurance is generally based on the business activities and risks and not whether, for example, it is…

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Consultant’s Corner: Finding Angel Investors

Question: I am beginning a new business and would like to secure funding through angel investors. Where should I start? Of course, the angel investor category can include family, friends, and business associates. Also, the type of business venture and amount of capital needed can influence where to look for angel investors. For example, your…

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Consultant’s Corner: LP vs. LLP

Q. Is an LP the same as an LLP? If not, what are the advantages and disadvantages of each entity? LP stands for Limited Partnership, while LLP stands for Limited Liability Partnership. The two structures are very different from purpose, governance, and legal liability perspectives: Limited Partnership (LP) LPs are commonly used for long-term real…

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Consultant’s Corner: Do I Need a Website Privacy Policy?

Q: If we do not collect customer data on our website, do we need to have a privacy policy? We have provided legal reference information and general business comments below for your consideration; however, since your GSB general business consultants are not lawyers and do not provide legal services, you should plan to consult your…

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Consultant’s Corner: Business Name and Domain Name Change

Question: What is the best way to transition from our existing domain/company name to a new one? There are several things to consider when transitioning from one company and domain name to another. Business Name Change A business that changes its name can notify the IRS of the name change by following the procedures described…

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Consultant’s Corner: Employer Protection Considerations

Q: What do I need to do to protect myself from any wrongful termination claims or unemployment claims against my company? From a general business perspective, the basic ways to protect a business and owner (and management staff) from employee claims and other labor law issues are identification of the applicable federal and state laws, effective recruiting procedures, written company personnel…

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Consultant’s Corner: Organizational Charts

Q. What is the optimal way to structure an organizational chart of business processes? Are there commonly used modern tools that I can use for this? Flow charts are still the common tool to illustrate business processes and related employee jobs in a graphical or textual view. The following are example product comparisons and explanations…

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Consultant’s Corner: What is Workers’ Compensation Insurance?

Question: What is workers’ compensation insurance and how does it work? Workers’ compensation is a no-fault system designed to provide benefits to employees injured as a result of their employment activities and to limit the liability of employers. Because it is a no-fault system, the employee does not need to prove negligence on the part…

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Consultant’s Corner: Photography Pricing Strategies

Q: I’m a photographer and videographer in Atlanta. How do I determine how much I should charge? There are several factors that potentially influence wedding photography prices, including hours of service, number of events, locations(s), photo format (album, digital file, video, etc.), and photographer experience and name recognition. Due to the variables, a form of…

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Business_Entity_Selection

Consultant’s Corner: Business Entity Selection

Question: “How should I go about choosing a business entity type?” Many small businesses are structured as unincorporated sole proprietorships and General Partnerships due to their formation and maintenance simplicity and costs; however, the primary disadvantage with a sole proprietorship or General Partnership is that it is not a separate legal entity, even when it…

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