10 New Year's Resolutions for Residential Contractors

Attorney Andrea Goldman, of Goldman Law Group in Newton, Mass., suggests 10 changes remodeling contractors can make in 2016 to improve their business. We're betting that you aren't currently doing half of them.

January 05, 2016
Checklist

For example, do you have a separate payroll account? If your bank account is ever frozen for some reason, as happened to one of Goldman's clients, it could put a real strain on cash flow. In some states, like Massachusetts, payroll accounts can't be frozen, so at least employees get paid and jobs keep moving.

Or how about something as simple as protecting your personal assets by incorporating or establishing an LLC? A lot of remodelers who started out as sole proprietors never upgrade to another form of legal entity that helps maintain separation between personal and business assets. Remodeling can be risky, and this type of protection is simple and inexpensive.

To see what else you should be doing, read more at The Contractor Coaching Partnership

Add new comment

By submitting this form, you accept the Mollom privacy policy.
Overlay Init