Riley Bennett Egloff Magazine April 2018 | Page 17

novel approaches. Having a trusted
accountant and attorney regularly
communicate and assist in charting
business goals is the best way to
maximize the time and resources a
business owner spends working ‘on’
the business. Long time Certified
Public Account and Owner of
OnTarget CPA, Michael Jamison,
has witnessed first-hand the benefits
of professional advisors working
side-by-side to assist the client. Mr.
Jamison notes, “It is crucial that
our clients understand their limits
and be willing to work with us to
encourage business growth and
minimize tax liabilities. Towards
that end, we always encourage our
clients to work proactively with
us and their attorneys in unison to
arrive at cost-effective, pro-active
business solutions.” contracts, employment, real estate,
mergers and acquisitions, basic
zoning compliance, copyright and
trademark advice to lawsuits, and
assessment of liability. By working
with a combination of professional
advisors, including, an accountant
and business attorney, a business
owner is in the best position for
long-term success
The reasons for hiring an accountant
are fairly obvious: businesses need
someone to help set-up and maintain
accounts, review expenditures and
income, and prepare all necessary
federal, state, and local tax returns.
The reasons for hiring a business
attorney are not only for the routine
matters of helping a business stay
abreast of applicable laws and
regulations crucial to the business,
but also to have an advisor ready
and up to speed at a moment’s
notice when and if that business
needs assistance dealing with a
dispute. As business attorneys, we
provide vital assistance in almost
every aspect of one’s business,
from formation structure analysis, Laws That Illustrate
the Benefit of a Client-
Centered Team
Approach
Discussions led by an attorney
between an accountant and the
client may also be protected by the
attorney-client privilege and not
subject to disclosure or discovery in
the event of a lawsuit or audit. This
added protected communications
between the business client’s trusted
advisors should be fully analyzed
and discussed between the client,
attorney, and accountant.
There are constant changes in the
law affecting businesses, which
are difficult if not impossible for
a business person to react to, let
alone be aware of. If an attorney
and accountant are able to openly
communicate about these changes,
the impact of those changes on
the business can be analyzed and
addressed, thereby limiting the
involvement of the business client
who can continue to work in the
business rather than on it. Here
are some examples that illustrate
the benefits of a client-centered
approach and analysis.
1.
Attorneys are often asked to
form a business but are not always
consulted as to changes in the
business operations or purpose
over time. The accountant is often
the first professional advisor to
know of such changes since the
accountant is meeting with the
client at least annually to addr ess
its financial condition. When an
accountant and attorney work
together, they can discuss these
changes and work towards a
proactive approach to address
implications of these changes. For
example, if a business expands and
starts offering contractor services,
numerous laws are applicable to
those services, including the Indiana
Home Improvement Act.
The
Indiana Home Improvement Act is
a statutory consumer protection law
designed to protect homeowners
from unscrupulous contractors.
Contractors who violate the act may
suffer severe penalties, including
anything ranging from voiding the
contract to penalties, damages and
attorneys’ fees. Our contractor
clients are often surprised to learn
that they may be violating the Act
simply by using contracts that fail
to provide statutory information.
Identifying that these laws may be
applicable and confirming that the
contractor has a valid conforming
contract in advance of any dispute
may ultimately save a business
extraordinary sums of money and
RBELAW.com
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