Mar 13, 2020 | Auto Accidents |
By Roy L. McDonald, II, Attorney at Law Motor vehicle accidents (MVAs) cause more than 30,000 deaths each year and are a top ten cause of death among people aged 1-54. In 2017, a total of 275,067 MVAs occurred on North Carolina roadways, an increase of 9,000 from the previous year. A total of 81,865 North Carolina MVAs resulted in an injury and 1,297 resulted in a fatality. The average economic cost of a non-fatal disabling injury in a MVA is $61,600.00. The average economic cost of a death resulting from a MVA is $1,130,000. The average cost of a new car is $36,718.00. A fully loaded 2020 Chevrolet Tahoe 4WD Premier Plus retails for more than $75,000.00. Not having enough automobile insurance could cause you to have personal financial responsibility for your own or someone else’s bodily injury or property damage after a MVA, so it is important that you have the right kind and the right amount of automobile insurance coverage. Liability Coverage Liability coverage protects you if you cause a MVA. It is divided into bodily injury coverage and property damage coverage. Bodily injury coverage is separated into per person and per accident limits. You are legally required to carry a minimum of $30,000.00 per person/$60,000.00 per accident in bodily injury coverage. This means that if you have only the required minimum amount of bodily injury coverage and cause a MVA your policy will pay no more than $30,000.00 to each person injured. This also means that if more than one person is injured, your policy will pay no more than $60,000.00 among all the people...
Feb 18, 2020 | Business Law |
Bradley Hunt| Everyone wants to be an entrepreneur. The idea of running your own business, not punching the clock, and not having to answer to a superior is what most people dream of. However, it is not as easy as it seems. To operate a successful business or company there are guidelines, procedures, and laws that you need to adhere to. Name selection, business structure, and licensing are important elements in starting any new business. What Name Should I Choose? A name is more than just a name when starting a new business. The name of your new business is the first thing customers will notice. We recommend coming up with several names in case your first (or second) choice is not available. New business owners don’t always consider that there are state and federal requirements to meet or that someone else may have already registered the name you wanted. The North Carolina Secretary of State website offers guidelines for choosing a business name: “An entity name shall not contain language stating or implying that the entity is organized for any purpose other than a purpose that is lawful and that is permitted by its formation documents. (i.e., Articles of Incorporation)The name must be distinguishable upon the records of the Secretary of State from the name of any other entity on the business registry. By Administrative Code, the business entity suffix of the name (i.e., Inc., LLC) is not used to determine distinguishability on the records.An entity name shall not contain words offensive to accepted standards of decency.” From a practical perspective, you may not want to choose a...
Feb 13, 2020 | Special Needs Law |
By Will Miller, Attorney at Law Most people do not give much daily thought to the Americans with Disabilities Act (ADA). I know I didn’t before I lost my eyesight. However, as I adjusted to life with blindness, I learned quite a bit about the intent and implementation of the ADA. The law was enacted in 1990 and has had many amendments throughout the years. The ADA is intended to prohibit discrimination against people with disabilities across a wide spectrum. Some of the obvious things we see on a daily basis include buildings with ramps and automated door openers, accessible parking spaces, hotels with walk-in showers and safety railings, and braille lettering on elevator keypads. Less obvious are requirements related to communication and employment. What Does the ADA Cover? The Americans with Disabilities Act has five primary sections, or Titles, that address different aspects: Title I: Employment Title I has the largest impact on most businesses. This section of the law prohibits discrimination during the application and hiring process, training, and firing; it also requires businesses to provide “reasonable accommodations” for job applicants and current employees with a disability. (More on what employers need to know below.) Title II: Public Services Local, state and federal government agencies must ensure programs, services and activities they provide are accessible to individuals with a disability. (This section does not apply to business owners.) Title III: Public Accommodations This Title applies to all business owners and non-profits, regardless of the number of employees. It may also impact your Homeowner’s Association if you have a clubhouse, pool, or other facilities used by the public....
Feb 6, 2020 | Workers' Compensation |
Ryan McNeil|Generally speaking, in North Carolina an employer must provide workers’ compensation insurance coverage for its employees if it regularly employs three or more people. This coverage kicks in if the employee is injured on the job. Some small business owners do not realize they must provide the required coverage for their employees. Others make a conscious decision to avoid the related expense hoping they are not caught. What is Workers’ Compensation? The North Carolina Workers’ Compensation Act (§ 97, the “Act”) provides protection for employees injured by a specific event, afflicted by occupational disease, or killed during the course of their employment. This Act outlines the procedures the employee must follow to report the injury to the employer and the North Carolina Industrial Commission (NCIC, the state agency responsible for administering the Act). The Act also details required compensation for medical expenses and lost wages during the recovery period, payment for a permanent disability, or the award for lost wages and burial expenses to beneficiaries if the individual is killed on the job. The Three Employee Rule The biggest risk for small business owners is not understanding the three employee rule that triggers the requirement to maintain workers’ compensation insurance. Consider these requirements: You must include part-time employees in the count.Use caution when you classify someone as an independent contractor and issue a 1099. If the North Carolina Industrial Commission determines the individual should be properly categorized as an employee and not a contract worker, then you may be penalized for not having workers’ compensation insurance.Owners of an LLC or partnership are not treated as employees in the...
Jan 14, 2020 | Estate Planning |
By David Inabinett, Attorney at Law The SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) was signed into law December 20, 2019, and most of its provisions became effective January 1, 2020. The Act is intended to make it easier for Americans to save for retirement and decrease the percentage of us who outlive our retirement funds. While the purpose of the Act is positive, some of these changes may result in unanticipated tax bills for beneficiaries who were previously able to defer or “stretch” the withdrawal of such accounts over an entire life expectancy. The key provisions of the SECURE Act include: The age limit to begin mandatory distributions from retirement plans has been increased from 70 and a half years of age to 72 in recognition of the fact that people are living longer. This does NOT impact anyone who turned 70 1/2 before January 1, 2020. If you are still working at 70 1/2, your retirement savings may remain untouched for an extra 18 months.People of any age may now contribute to a traditional IRA. The prior age cap of 70 1/2 has been removed, so if you are still working and want to build your retirement account and get the tax benefits of a traditional IRA, you may do so. Timing is such that those turning 70 1/2 in 2019 will not be able to claim the IRA deduction for 2019’s taxes but will be able to do so for 2020 and moving forward. In addition, you now have extra time to convert your traditional IRA to a Roth IRA, should...
