Below are the 2 most recent journal entries recorded in freiberg and peck's InsaneJournal:

Thursday, March 27th, 2008
1:50 pm	Freiberg and Peck, Is a business required to have certain types of insurance Freiberg and Peck, Is a business required to have certain types of insurance All businesses must provide Workers' Compensation coverage for the benefit of their employees who may be injured while on the job. This is a requirement of the law in every state. For most businesses, this requirement is satisfied by purchasing Workers' Compensation insurance, which is available from private insurance companies in most states. In a few states this coverage must be purchased from an agency of the state government. Often there will be contractual requirements for businesses to have certain types of insurance. For example, the terms of a lease for an office or store or factory usually will require the tenant to have certain types of insurance to cover its operations conducted on the leased premises. If a business borrows money, the loan documents often will require that a specified amount of insurance must be maintained to cover the business's property and liability exposures. Leases for office equipment may require insurance to cover potential damage to the equipment. All contracts and leases entered into by a business should be carefully reviewed for insurance requirements. Failure to maintain the required insurance could be a basis for termination of the contract or lease. Because of frequent contact with the public and because of the specialized work done by many businesses, there is usually a much greater exposure to legal liability arising from the conduct of a business compared with the potential for legal liability from personal activities. It is therefore advisable for most businesses to purchase liability insurance to cover all business related activities, and this insurance should be specifically tailored to the type of business being conducted. This is especially important for professionals, such as health care workers, architects and engineers, who face a greater level of potential legal liability (often called "malpractice") because of the highly specialized and technical nature of their work. In some states, professional liability or "malpractice" insurance may be required as a condition of getting the necessary license to practice the profession in that state. (1 Comment |Comment on this)
Wednesday, March 19th, 2008
11:02 am	Freiberg and Peck, Carrying on Professional Activities and Limited Liability Freiberg and Peck, Carrying on Professional Activities and Limited Liability Amendments made to the Quebec Professional Code in 2001 authorize professional orders to allow their members to exercise their professional activities within the framework of a limited liability partnership, or a joint-stock company. In 2002, the Ordre des comptables agréés (Order of Chartered Accountants) was the first professional order to adopt a regulation to this effect. The Quebec Bar and the Ordre des comptables généraux licenciés (Certified General Accountants) followed suit in 2004. Others, in particular the Chambre des notaires (Chamber of Notaries) and the Ordre des pharmaciens (Order of Pharmacists), plan to do the same. Every professional order must first prepare, together with the Office des professions, the regulation required to determine the criteria that members interested in this type of professional practice must respect. These criteria include the ownership of such a firm, its management, professional liability insurance and code of ethics requirements. Professionals who are currently members of a partnership would have to change to a limited liability partnership or a joint-stock company. Limited Liability Even when carrying on professional activities within such a framework, each professional remains personally liable for any professional errors or omissions made by him or by his employees or agents. The amendments to the Professional Code have not limited this liability in any way. In addition, the Professional Code has not limited the liability arising from the firm’s other obligations, such as commercial obligations contracted for the operation of the business. The principal change is that the professional will no longer be held personally liable for the professional errors or negligence of other professionals who are members of the same firm. In other words, it is the solidary liability of members of the same firm that is the object of the limitation. However, since the firm itself continues to be liable for errors or negligence of all its members, the legislator intended that each member who practises within such a firm should provide a guarantee, typically in the form of additional insurance, in order to cover the firm’s professional liability. These legislative changes also pave the way for the organization of multidisciplinary partnerships, in some cases. Taxation These legal entities, which may now be used by some professionals, offer attractive tax planning opportunities, including tax deferrals and savings related to the use of a joint-stock company or a family trust to hold the shares. The members of Lavery, de Billy have closely studied the issues raised by the transformation of a professional firm into a limited liability partnership or a joint-stock company and the professional activities within such a framework and have provided advices on these subjects to both professional orders and professional firms on numerous occasions. Our firm members are therefore well-positioned to advise you and help you to implement appropriate and effective solutions to the problems that you may be facing. 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