STARKVILLE — When Amanda Adkins, owner of Starkville Shelter Insurance, opened a branch last year, she wanted solid legal advice on how to run certain parts of her business.
In May, she heard about the Greater Starkville Development Partnership’s new BAIL series, which consists of four sessions to teach businesses about banking, accounting, insurance and legal services. She thought it would be a good opportunity to brush up on the legal side of the guild.
“From an agency perspective, we wanted to make sure we had everything we needed legally to hire staff and make sure we had coverage in that area,” Adkins said. Told.
Adkins was one of 11 people who attended the fourth installment of the BAIL series on Wednesday at the Starkville Community Theater downtown.
Panelists were Starkville-based attorneys Rob Roberson and Steven Adams, and Brandon Jolly of the Mississippi State University Office of General Counsel.
During the session, panelists offered advice on how to form a corporation, plan for an uncertain future, and protect consumer data.
Roberson said the most prudent thing a business owner can do to manage the company’s liability and his or her own is to register as a limited liability company with the Mississippi Secretary of State’s office.
Roberson added that owners should keep their personal and business assets separate to maintain protection in the event of a lawsuit.
“Basically, it’s providing you with insurance,” Roberson said. “If you’re going to be sued, you’re going to be sued from a business perspective.
My father once took over his own business and used the money to pay all his bills. Well, here’s the problem. Because you treat your business like your personal income, you have no protection. ”
Adams told attendees that when working with other companies on special projects, lawyers can help draft labor and purchase agreements.
“The thing to think about as you move forward is to draft contracts whenever you do business with other companies,” Adams said.
Jolly added that if someone decides to buy another company, having a lawyer look at the contract can save money because the buyer will inherit debts such as debts and unpaid taxes.
“You’re not just buying an asset, you’re also buying a liability that comes with it, and if there’s a liability attached to it, you may be making assumptions without realizing it,” Jolly says. said. “It’s good to have all of that explained in detail when you make a purchase.”
Panelists also discussed the need for cybersecurity to protect financial and consumer data.
Roberson and Adams say that while some companies don’t necessarily need an ironclad firewall, those that handle financial information, Social Security numbers, and other sensitive data are at risk of lawsuits if they don’t take safeguards. He said he could be held responsible.
“If it’s not something you’re really sensitive to, you don’t have to worry about it too much,” Adams says. “If you’re talking about things like bank accounts and social security numbers, you could be subject to increased scrutiny as a risk you’re taking on. We recommend that you discuss the compensation that will cover you before something like this happens.”
As time passes and the business grows, Jolly said, business owners may need to consider creating a legal framework in case their successor becomes incapacitated.
“We never want to think about things like that, but when something happens, and is going to happen, (the lack of it) is even bigger for the family, for the person who is there to pick up the pieces. It takes a toll,” Jolie said. “So please try to explain it to me.”
Another attendee, Brittany Goss, owner of online marketing agency Bootstraps and Butterflies, said she came to learn more about cybersecurity and legal services.
“I’m in a digital business, and you don’t necessarily know because everything is invisible,” Goss said. “So it was useful to know how to legally inherit that and the responsibilities that come with that.”
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