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Business Insurance

Thumbnail image for Am I Safe From Creditors In A Close Corporation?
By 11 February 2012

First things first…what exactly is a close corporation?
In 15 words:
A close corporation is a legal business entity which is separate from its individual members!
Here’s the longer version:

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Thumbnail image for How are partnerships taxed?
By 4 February 2012

While I’d prefer discussing business insurance with you, tax is always fun.
I mean think about it, should the partnership be viewed as a funnel with all the money pouring in the top, all the expenses being deducted, tax paid on whatever’s left over by the partnership, and the tax-free profit ...

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Thumbnail image for How are sole proprietors taxed?
By 19 January 2012

Here is the most important thing you need to know (besides insurance, of course!) about sole proprietors and income tax… Sole proprietors are taxed as individuals!
Take a moment to imagine a funnel…
Got it?
Okay, now imagine all the sales pouring in at the top of the funnel. Now, as all these ...

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Thumbnail image for Should I Open A Business As A Sole Proprietor?
By 12 January 2012

If you’re just starting out in business for yourself – and don’t know which way to turn when it comes to deciding on how to structure your business – then why not consider a sole proprietorship.
But, like everything else, you need to know that there are two sides to the ...

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By 22 August 2011

Here’s an interesting twist to the “carrot and the stick” principle when it comes to business insurance…It’s called “preferred compensation” and when it comes to insurance solutions, it might make a lot of sense in your business!
So what’s the purpose of preferred compensation then?
To keep valuable staff in your company…that’s ...

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By 13 July 2011

In terms of the Close Corporations Act, members of the close corporation have a duty only to the Corporation. If a member breaches this fiduciary duty then they are held personally liable for any losses to the CC.
But what about their duty towards each other?
Since the Act doesn’t provide for ...

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Thumbnail image for Financial Planning | What Is The Meaning Of ‘Insurable Interest’?
By 22 June 2011

“Can you guys help? I want to insure my ex-boyfriend’s life because he still owes me money!”
“I’d like to take out a life insurance policy on my gardener’s life so that I can pay his funeral costs one day.”
“I’m lending my mom’s car so I’d like to insure it please.”
“I’m ...

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Thumbnail image for Key Person Insurance | How Does Key Person Insurance Work?
By 23 May 2011

Adrian Gore, the CEO of Discovery Holdings, is a perfect example of what a key person is.
For our international readers, think of Richard Branson, Bill Gates, Warren Buffett, and Steve Jobs!
While Discovery, or Microsoft for that matter, won’t close their doors should either leader pass away, surely it would impact ...

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Thumbnail image for Close Corporations – Who Can And Cannot Become A Member?
By 29 March 2011

Every now and again we run into a business owner who wants to know whether he or she should transfer ownership of their close corporation to their family trust.
So while I’ve on the subject of close corporations I thought you might find this interesting!

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Thumbnail image for Close Corporations – Are There Still Advantages To Owning One?
By

 
In my previous post regarding close corporations we dealt with the myth of being safe from creditors.
Now it wasn’t my intention to frighten you away from close corporations…no, indeed, there are definite advantages to operating in a CC!
Here are just a few of them:

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