Theories abound as to the reason for these disappearances. They include bad weather, magnetic forces that interfere with navigation as well as other natural phenomena. Some blame such losses on aliens or armies from Atlantis. Whatever the cause, those navigating such waters know to proceed with caution.
In the business world, one also needs to navigate with caution. One should implement a triad of protection to ensure success. The three parts of this business triangle are legal, accounting and insurance. One should adopt a strategy which implements all of these in one’s business strategy simultaneously from day one.
From the legal perspective, it is important to choose the right legal entity to establish for a business. For many, a limited liability company is the ideal form of business. For others, the formation of a corporation is more suited to their operations. Contracts are also an essential part of the mix. They include contracts with customers, vendors, landlords and employees. The nature of each of these contracts are unique depending on the needs of each respective business.
Accounting is also an area that needs to be part of the plan for any business from day one. Obtaining the proper tax identification numbers, establishing proper depreciation schedules and making the correct local, state and federal tax filings are key. For those involved in cross border transactions, transfer pricing is also critical.
The third prong of protection is insurance. It is not only vital to have insurance but is also vital to have the correct type of insurance. Far too many businesses face unnecessary exposure by failing to purchase insurance which is tailor made for the operations they engage in. Gaps in insurance coverage can lead to economic losses that could have been easily avoided by proper planning.
Each business is unique and need bespoke solutions tailor made for their needs. Hence, every business should assemble a team of professionals to guide them in order to ensure smooth sailing in the world of commerce. A lawyer, an accountant and an insurance broker should be on board from day one before any business sets sail into the market.
On a personal note, I greatly enjoyed my visit to Bermuda and had a pleasant flight. Bermuda is a lush and beautiful island, well worth putting on anyone’s bucket list. When you need help with legal matters for your business, call the one you can trust. Contact Chris today … click here.