It’s become distinctly clear over the years that every successful businessmen has four professional key advisers on speed dial. Some are relied upon more than others but they each have a critical role to play keeping the business person focused on the important issues at hand.
The reasons for having a trusted attorney are numerous. All business owners have to deal with contracts, employment and customer disputes to name just a few. One area that has become more important, however, is the protection of your intellectual property.
An intellectual property attorney works with you to protect your business entity’s innovations, rights, product and services; in addition to settling legal disputes.
“Today’s reliance on, and easy access to, software, web content and other technologies, all of which embody someone’s Intellectual Property, carry risks that may expose businesses and individuals to very costly legal liability for infringement or misappropriation.”
“Obtaining early legal advice on how to reduce these risks, often at a modest cost, may save thousands and sometimes millions of dollars, and prevent financial ruin,” states Stefan R. Stoyanov, Esq.
Working with an intellectual property lawyer may provide you increased commercial value, access to new markets, research in different business areas, and IP law (domestic and international) knowledge you may need as a business.
The Certified Public Accountant (CPA)
The accountant is a vital member of your team since they keep your business and personal taxes and other reporting requirements in line with the ever changing IRS, State and Local Tax regulations. The more complicated your life gets the more you need a person that can handle the uniqueness of your business.
As a business owner, it is more important to focus on the important issues and operations of your business than worry about taxes. If you get one of those multi-paged letters from the IRS, it is reassuring to give it to your CPA.
The CPA is in charge of the tax landscape since they have the obligation to maintain their level of expertise and knowledge and understand the accounting nuances of the tax codes and compliance.
Dane E. Dickler, CPA, Partner, Tax & Business Services Leader, NY/NJ Business Enterprise Services group at Marcum LLP summed up the following need for financial advisers:
“The accounting and tax compliance landscape has become increasingly more complicated to navigate. That’s why it’s important for business to have a seasoned accounting professional on the team who is knowledgeable and able to identify potential issues and opportunities.”
“Not having a professional with experience and expertise to provide proper guidance will inevitably result in mistakes or missed opportunities – some of which can be very costly and detrimental to the business at large.”
Property & Casualty Insurance Agent
The Property and Casualty (P&C) insurance professional protects the foundation of your business against potential risks. They will provide the business entity a detailed analysis of its insurance requirements, how to manage the potential risk, and how to best present your exposure to the insurance carriers. The protection includes but is not limited to general liability, product liability, business interruption, fire, flood, storm damage, product defect, theft, and errors or omissions. It is a necessary business expense.
The business entity must inform the P&C insurance professional of any updates or changes of the business infrastructure and operations. “Your insurance professional needs to know all updates or moves you are planning to make in order to effectively advise you on how to transfer, retain, or reduce risk as much as possible,” says C. Scott Heaney of Mill Creek Agency, Inc.
The Certified Financial Planner (CFP)
The most misunderstood adviser is the Certified Financial Planner (CFP). The CFP is not just managing your business investments or planning needs, they are the quarterback of your business financial life.
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