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New Year’s Business Resolutions

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INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Daniel A. Cotter, Attorney, and Counselor.

The Daniel Cotter Commentaries

Welcome to “Your Attorney as a Trusted Advisor with Daniel Cotter.” I’m Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC.  For more information, please visit howardandhoward.com.

Happy New Year.  Here is to a prosperous 2023 to all of you.  My word of the year is vigor, with me adding  extra effort, energy and enthusiasm on all fronts.  I commend you to approach 2023 with the same vigor.

Today, I want to speak to something that is common at the new year for individuals.  It is making those resolutions, many of which at the end of the year, when we reflect back, we miss.

The number one resolution for most is to have better health and to get regular fitness on their daily routines.

As businesses, the same applies.  The resolution for each business organization as it dives into the new year with budgeting, planning and implementation is a healthy organization and attention to ensuring it is robust, very similar to individuals.

And business organizations are used to making resolutions. Whether you have live periodic meetings or use consents, the minutes reflect the following language:  _Resolved that [fill in the blanks on action], resolved further, etc.

When it comes to the issues that you need to have on your radar, and check in with your trusted legal advisor, there are many.  Let’s turn to a few resolutions you should commit to early in 2023:

 

General

Resolved, that you will check in with your trusted legal advisor on law changes that go into effect on January 1, 2023.  Every year, on the news, in newspapers and other media, they note the new laws that go into effect at the state and local level.  It is important to determine what laws, if any, might be applicable to your business.

 

Human Resources/Employment

Resolved, that you will discuss with your trusted legal advisor changes that impact worker relations and human  resources issues.  Many of the new laws I mentioned earlier are labor and employment and wage and hour laws that have changed.

Resolved, further, that you will discuss with your trusted legal advisor the Department of Labor proposal to change the definition of independent contractor.  This may have an impact on classifications if it is finalized.

Resolved, further, that you will discuss with your trusted legal advisor state and local laws on minimum wages and changes that might take place in 2023.  For example, in Illinois, Cook County, and Chicago, where I work,

Resolved, further, that you will make sure that your workers are trained in accordance with requirements where you conduct business, such as Illinois, which requires most employers to engage in annual sexual harassment training.

 

Cyber and privacy

Resolved, that you will discuss with your trusted legal advisor laws that go into effect as of January 1, 2023, on consumer privacy, including California and Virginia, with the other three states (CO, CT and Utah) going into effect later in the year.

Resolved, further, that you will work with your trusted legal advisor to monitor developments in privacy and cyber, including reviewing your insurance coverage and specific cyber coverage.

Resolved, further, you will review your policies and procedures and processes with your trusted legal advisor to make sure they are accurate and protect you as much as possible.

 

Governance and other policies

Resolved,  you will work with your trusted legal advisor to ensure that your business health has no major health issues in your governance and polices, and you will make sure you have great health and vigor to tackle the unknowns ahead in the coming year.

Resolved, further, you will work with your trusted legal advisor to review your overall insurance programs and coverages to make sure that you are as protected as possible.

 

Resolved, implementing these resolutions will ensure that you end the year 2023 in excellent health and prosperity.

 

This is “Your Attorney as a Trusted Advisor with Daniel Cotter.”  I am Daniel Cotter, Attorney and Counselor at Howard & Howard Attorneys, PLLC, and your trusted advisor.  Happiest of holidays to you and a successful 2023 to you. Please visit howardandhoward.com for more information.

 

As a lawyer who started out of college as an accountant, and passed the CPA exam, Daniel Cotter tries to use that knowledge and business acumen to truly partner with his legal clients. He also spent more than 16 years of his 27 years as a lawyer in house. Clients want to have pragmatic, digestible, understandable information and advice, and someone who acts as a partner and trusted advisor.

He graduated with honors in accounting from Monmouth College and a law degree with honors from the John Marshall Law School.

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LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE:

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