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Risk

Visit the COVID-19 Small Business Resource Center

Are you wondering what you and your business should be doing during these unprecedented times? The coronavirus epidemic has impacted millions of small businesses, and the situation is changing rapidly, with new information, employer guidelines, and legislation. To help you navigate the uncertainty, we’ve created a COVID-19 Small Business Resource Center, which contains articles on…

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SBA and Treasury Begin Unprecedented Emergency Small Business Capital Distribution

WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes…

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Consultant’s Corner: Coronavirus Financial Relief for Small Businesses

Q: As a small business owner, what do I need to know right now regarding COVID-19 and financial relief for small businesses? Small business owners should be aware of the Federal government’s pending Coronavirus Aid, Relief and Economic Security (CARES) Act, the SBA Economic Injury Disaster Loan program, and the Families First Coronavirus Response Act…

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Protecting Your Business During the Coronavirus Crisis

Are you wondering how the COVID-19 epidemic could impact your business operations, and what you can do to protect your business and your employees? Your employees likely have questions, as well, so it’s important to think ahead about how to manage the situation. We have 12 tips to help you navigate this crisis, including keeping…

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6 Steps to Proper Risk Management

Underinsuring your business can be devastating in the event of a loss, yet overinsuring your business can waste money with each payment of a premium. Risk management is the discipline that allows us to plan for an appropriate amount of coverage in each aspect of our business lives. This article outlines 6 steps to help…

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3 Reasons Why It’s Necessary to Update Corporate Minutes

What’s the buzz with corporate minutes? If you have incorporated as a corporation, you may already be familiar with minutes and minute taking. Minutes record everything that takes place during a meeting. Afterwards, individuals in attendance (and those unable to make the meeting) may refer back to minutes as a meeting refresher. As the year…

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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: 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: 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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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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