Masonry Magazine September 2004 Page. 44
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Number Four - Sexual Harassment...
Employees are likewise protected from sexual harassment by women; and where local laws prohibit discrimination based on sexual preference, harassment protection for gays and lesbians also applies. Bottom line: all employers should have a written, well-disseminated anti-harassment policy and train their supervisors on these issues.
Number Three - Regulatory Compliance...
How is a small business to keep track of the ever-changing municipal, city, state and federal regulations? There are many regulations to keep track of - compensation, benefits, payroll, hiring/firing. ERISA and most of all OSHA.
Number Two Tax Concerns...
How do you pay the least amount of tax allowed under the tax code? That depends on the type of company you own. How much your company pays in taxes impacts cash flow, and thus debt repayment and capital expansion. Proper tax accounting is important, because the financial statements may show losses from depreciating fixed assets (e.g., trucks and equipment), which can be included in the proprietor's personal tax return. This is where a Subchapter S election can come in handy under certain circumstances, because losses and deductions can flow through to the owner's personal income tax return.
And the Number One legal issue facing construction companies is...
Litigation Avoidance...
Litigation is a costly, time-consuming drain on any business, and litigation that could have been avoided is a complete waste. To the extent that companies recognize and take steps to minimize the potential for litigation, they will improve the bottom line. Litigation avoidance measures include appointing a risk manager who can evaluate claims, make tactical judgments, understand insurance coverage issues, and analyze and make sound judgments with respect to uncovered claims to avoid company sponsored litigation. Where litigation is unavoidable, a risk manager will be in a good position to retain counsel best suited to defend the company.
Okay, so these issues are not necessarily in order of importance because, depending on the type of work your company does and the stage of your company's formation, any of the above issues could be your number one legal concern. In the upcoming articles, we will address most, if not all, of the above issues in detail.
We may not be comedians like David Letterman - we are, after all, only a bunch of lawyers-but we will do our best to help you avoid the pitfalls posed by the above legal issues.
Elisa A. Eisenberg, Esquire is a Director with the Washington, D.C., law firm of Jackson & Campbell, P.C. She is a litigator who specializes in toxic torts, environmental, products and construction liability and insurance coverage issues. She can be reached at eeisenberg@jackscamp.com.
This article is not intended to provide legal advice, but to raise issues on legal matters. You should consult with an attorney regarding your legal issues, as the advice you may receive will depend upon the facts and law of your jurisdiction.