Businesses Collecting Purchased Debt Get Relief In Supreme Court Ruling
Posted on Jul 06, 2017 by
Elizabeth A. Blackwell
A June 12, 2017, U.S. Supreme Court ruling means businesses have less to worry about from regulations designed to protect consumers from abusive and deceptive practices when attempting to collect their own debts.
The Fair Debt Collection Practices Act (FDCPA) authorizes private lawsuits and weighty fines to deter the wayward practices of debt collectors. In the high court’s view, “debt collector” refers to a third-party servicer collecting debts on behalf of a creditor. A bank or other provider that originates a loan and tries to collect the debt itself is not a debt collector and therefore is not bound by the FDCPA. continue reading
If Your Business Loan is in Trouble, You Can Prevent a Bad Situation from Getting Worse
Posted on Jun 06, 2017 by
Harriet P. Wallace
A business owner with visions of growth doesn’t borrow money thinking he or she won’t be able to pay it back. Sometimes, though, dreams don’t go according to plan.
When loan payments are late or missed or stop altogether, a loan will go into default, meaning the borrower hasn’t met his or her obligations when it comes to the agreement to repay. As difficult as that may be for a business to face, the situation won’t just go away by ignoring it.
Most business loans involve real estate, but they may also be secured with equipment or inventory as collateral. Defaulting on a loan places those assets at risk of foreclosure or liquidation. continue reading
South Carolina Auto Liability Case May Set New Bar For Awarding Damages
Posted on May 04, 2017 by
Carmelo B. Sammataro
Questions before the South Carolina Supreme Court could change whether negligence in causing a car accident now may be considered in awarding damages for injuries allegedly caused by a vehicle’s design flaw.
The answers to questions of state law certified in the federal products liability case Donze v. General Motors hinge on the South Carolina Supreme Court’s decision on whether comparative negligence, which apportions damages based on fault, applies in crashworthiness cases.
For years, South Carolina plaintiffs have been able to successfully argue that the circumstances of what caused an accident are irrelevant when considering liability based on crashworthiness, which is the degree to which a vehicle will protect its occupants from the effects of an accident – often referred to as the second collision.
Under the crashworthiness theory in South Carolina, a manufacturer can be held responsible for a design flaw of the vehicle that enhances or aggravates the injuries above and beyond those from the initial collision. continue reading
7 Steps to Prepare Your Business for Sale
Posted on Apr 07, 2017 by
Ryan T. Judd
Putting your business up for sale is a major decision with implications that extend far beyond the financial considerations. Selling your company affects not only your future but the future of your valued employees. What’s more, letting go of a business you’ve grown for years or even decades can be a difficult process.
First, you need to consider whether you are truly ready to sell your business. Talk to family members and others who care about your future and may have a stake in your decision. Working through any personal concerns before proceeding will make the entire process a lot easier. continue reading
With Moped Law Under Scrutiny, South Carolina Businesses Get a Wake-Up Call
Posted on Mar 07, 2017 by
William (Billy) Horvath
Businesses that sell or rent mopeds and employees who rely on the two-wheeled transportation for work dodged a bullet last year when a proposed South Carolina law on moped restrictions didn't make its way through the state Legislature. Nevertheless, the proposal's goals should serve as a wake-up call for South Carolina businesses to take appropriate action to protect their employees, assets, and the community.
Last year, the South Carolina Legislature considered Bill H3440 that would have made substantial changes to South Carolina moped law but it ultimately failed to pass. Similar moped regulations have been proposed again this year. continue reading
Prevent Workers’ Comp Claims By Understanding How To Manage Risks
Posted on Feb 23, 2017 by
Tiffni D. Shealy
Accidents will happen – about 23,000 times a day in U.S. workplaces, on average, according to one study.
Workers’ compensation insurance pays for occupational injury and illness claims, and that typically protects businesses from defending against personal injury claims brought by employees. In South Carolina, which has a “no-fault” system, it doesn’t matter who is to blame for the workplace injury for a valid claim to be paid.
Although workers’ comp insurance covers an injured employee’s medical expenses and disability pay, the hidden costs for businesses are significant. The Occupational Safety & Health Administration calculates that lost productivity, higher insurance premiums and other indirect costs can total up to four times the cost of the workers’ comp claim itself.
With costs related to occupational injuries and deaths adding up to $192 billion annually, a plan to manage those risks is essential for every business.
First and foremost, employers must develop a culture of safety. OSHA says workplaces that establish safety and health management systems can reduce their injury and illness costs by 20 to 40 percent.
Changing an organization’s culture is not often easy, so leadership is critical to achieve buy-in from employees throughout the organization. Whether it’s a small business or large corporation, the message that safety is a primary concern must come from the top down.
A risk management plan can minimize workers’ comp costs in three ways: limiting opportunities for risk by controlling who comes through your door, identifying and fixing problems before something happens and managing additional risks once an accident occurs. continue reading
It’s Time To Get Your Cybersecurity Plan In Place
Posted on Feb 10, 2017 by
Carmelo B. Sammataro
Cybersecurity threats pose risks to every type of business. As our dependence on technology has increased, the opportunities for data to fall into the wrong hands are all around.
Every business has some understanding of the dangers of dealing with sensitive data. We’ve heard the horror stories. Hospitals have been held hostage by hackers demanding ransom in exchange for restoring access to electronic files. Data files stolen from retailers have resulted in millions of compromised credit card accounts. Threats include any way fraudsters can use your information to make a buck.
Think of a cybersecurity plan in the same way as a plan you would prepare for any other emergency. Businesses take preventative steps to avoid fires, accidents and other catastrophic events and have plans for how to respond when an emergency comes up. Fire drills, safety procedures and incident response teams can help protect businesses from physical threats. Data breaches may be more difficult to detect initially, but they can have a similar disruptive effect on your business – and on the bottom line. continue reading
5 things every business should know about FMLA
Posted on Feb 02, 2017 by
Hannah D. Stetson
Health issues are a part of life and often can have both personal and professional effects on employees. Life events such as the serious illness of an employee or family member or the birth or adoption of a child may require an employee to take extended time off from work. A business must understand its obligations and responsibilities in such a scenario.
The Family and Medical Leave Act (FMLA) is a federal law that protects an employee’s job and medical benefits while he or she takes up to 12 weeks of unpaid leave for a qualifying event. Employers that meet certain criteria are covered by FMLA, and South Carolina businesses are no exception.
Under the FMLA, covered employers have specific obligations to their employees and can be subject to liability if these obligations are not followed. A business should review the following five-question checklist to assist in understanding its FMLA responsibilities: continue reading