Law in the Marketplace: Managing business risks

 Law in the Marketplace: Managing business risks

If you’re a New Hampshire business owner, making good business decisions may only be your second-most important job. Your first is probably to manage your business risks.

The starting point in doing so is simple: Write down a complete inventory of these risks and for each, write down the best way to avoid it. If you’ve never done this task, consider doing it ASAP. When it comes to thinking things through comprehensively, there’s no substitute for writing.

Here are a few basic questions that your inventory should address. Maybe you’ve long since thought about all of them. But maybe one or two will be new to you.

— Do you have the right business structure? If you’re the only owner of your business, it should almost certainly be structured as a single-member LLC, not as a state-law sole proprietorship. If your business has two or more owners, it should almost certainly be a multi-member LLCs, with a carefully designed written…

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