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Posts Tagged ‘Business’

How can I get health insurance for myself and family and pay for it as business expense without employees?

20 Jun

I’m a successful part time entrepreneur in California, but I maintain my day job because of the group health insurance they offer. I’d like to cut the apron string and go out completely on my own, but the insurance situation holds these plans hostage.

I don’t want to buy private health insurance, I would like to structure my one man business so that I can easily purchase group health insurance for myself and family. I’d like to purchase group insurance as opposed to private insurance so that I don’t have to deal with preexisting conditions and riders, etc. Since I’m still a sole proprietor, I have plenty of leeway in regards to business structure, and I’m willing to change whatever is necessary to get the best deal possible.

How can I get health insurance for myself and family and pay for it as business expense without employees?

 
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I have a new life insurance business which way is the best way to get leads?

14 Jun

which is the best way to get more clientele for life insurance, premium financing, and life settlements?

 
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Business math annuity help. thank you so much?

07 Jun

P and J are divorced. The devorce settlement stipulated that J pay $525 a month for their children Sue untile turns 8 in 4 years. How much must J set aside to day to meet the settlement? interest 6% a year.
@ RobertM : i do not how to replay for you. But i just figured it out.Yes, It does make sense. This is the problem of Present value of annuity. The result is J has to set $22,354.71 aside from now to meet the settlement.
just Sue only.i’m sorry, i typed wrong.thank you Robert.
until she turns 18. not 8

 
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How does a tax settlement business make money? They advertise on TV and you have to have at least $10K in debt?

23 May
 
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alternative ways to conduct an insurance business?

29 Apr

Does anyone have any creative legal ideas as to how I can start an insurance business without it technically being insurance? I want to write up insurance policies and collect monthly premiums from customers I sign up. I have the ability to payout any claims they would make in the future. However I would prefer not having to get the proper licensing, but will do so if I must. In other words, how can I collect monthly payments from customers that entitle them to x-amount of dollars if they make a claim, WITHOUT IT TECHNICALLY BEING STRUCTURED AS “INSURANCE?”

 
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Is there a good non business website about structured settlements?

22 Feb

I have a structured settlement that I want to find out more information about.Do you know a website that isn’t owned by a company and trying to cash in on my settlement, I need free information.

 
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Are You Accountable as a Small Business Owner?

08 Nov

Today, there are more than 23 million businesses operating as sole proprietorships or partnerships. This accounts for more than 80 percent of all U.S. businesses, according to BizStats.com. Do these structures protect small business owners from certain liabilities, or if a suit was brought against them, could their assets be at risk?

There is a common misconception that limited liability companies (LLCs) or incorporated structures are absolute safeguards against personal liability. As a result, many business owners forgo arming themselves with a small business insurance plan.

While attention to quality control and seamless risk management procedures can reduce the risk of lawsuits, no organization can completely eliminate the threat of a claim. The expense associated with defending litigations, even on frivolous claims, can add up quickly and possibly put a company in financial peril. With just one claim, savings that took years to build can be wiped out and the owner’s personal assets can become vulnerable.

There are a few instances in which a small business owner could be personally liable, including:
. The owner acted in an irresponsible or illegal manner
. They personally injured someone
. The owner signed a personal guarantee for a loan
. The business is not operated as a separate entity

Businesses can prevent the financial pitfalls of defending a claim by arming themselves with a business liability insurance plan. Typically, with business liability insurance policies, four types of claims are covered: bodily injury; property damage or loss; personal injury, such as libel or slander; and advertising injury. A General Liability policy covers all damages, legal fees and settlement charges up to the policy limits for covered claims. This is usually packaged with Property coverage in a Business Owner’s Policy (BOP).

Typically, liability insurance coverage includes:
. Legal costs: General liability insurance will cover litigation costs such as attorney and witness fees, as well as settlement payments.
. Medical costs: Insurance will cover medical costs for individuals who may have been injured on company property.
. Property damage: Insurance will cover fire, theft or other incidents that damage the assets of the business. It insures the company from physical damage to the property as well as the customer’s property.
. Business interruption: Insurance will cover the business in cases of major disasters, such as a fire, that render the business inoperable. If the business is unable to operate, the insurance would reimburse the company for its losses and the profits that would have been made during that time.

Business owners should also consider Professional Liability insurance, also known as Errors and Omissions insurance, which protects organizations against claims of professional negligence and errors or omissions in professional work.

While the cost of safeguarding a business and its owner with liability insurance can be costly, there are several ways business owners can cut down on the expense, including:
. Shop around: Business liability insurance coverages range by company; read up on what is covered and what is not. Review small business insurance quotes from several insurers and compare rates.
. Consider a Business Owner’s Policy (BOP): Rather than purchasing separate types of insurance from various companies, consider purchasing a package of policies. When receiving a small business liability insurance quote on a BOP, be sure to understand what is included in the coverage. BOPs don’t typically include all types of insurance.
. Enlist a specialist broker: If the small business operates in a niche, it will often require specialized insurance to safeguard against unique risks. Insurance brokers will know what coverages are necessary for the business and know where to go for the best rates.

Company liability insurance safeguards businesses from various allegations of negligence, but it also protects them from having to absorb the fees associated with defending a frivolous lawsuit. Protecting the business from these risks provides a foundation for success. Business owners should invest the time to research small business insurance plans and understand what their needs are. It could mean the difference between survival and financial disaster

 
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Obtaining Business Insurance

22 Oct

Think of business insurance as the copper solder that fuses a plumbing joint together; if the joint leaks, there can be major ramifications. The same holds true with business insurance; if you don’t have the coverage that a backflow prevention contractor business really needs – you’ll watch those profits flow right down the drain. You personally cannot control or eliminate every potential risk that threatens your livelihood, but business insurance can provide the added protection against these risks … if you carry the right kinds.

Choosing the right policy with all of the appropriate coverages can be a challenge when you are a backflow contractor/technician. Bob Smart, commercial lines director of Compass Insurance in Highlands Ranch, Colorado, states: “Everybody wants to lump each backflow contractor/tester/tech into the plumbing category, when in fact they are not all plumbers; that was my point of contention with the insurance carriers. I explained to Hartford [insurance carrier] that the backflow techs test the backflow apparatus – then they make a report on the valve they tested or they repair or replace the valve. They are not going in and tearing out water lines or sewer lines.

“What Hartford did…was to cover these backflow techs under an engineering class because it’s obviously more about reports and paperwork,” he continues. “I had over 30 backflow techs insured through Hartford under this engineering class and never had one claim.” Hartford has since modified this particular class of coverage with regards to backflow techs and currently does not cover backflow techs that work on fire lines, i.e., sprinkler systems, suppression systems; supplementary coverage is required or a different class should be selected.

Find an agent who understands your business.

A key component in selecting insurance coverage for a backflow contractor/technician/tester is to make sure that your agent fully understands what it is that you do and don’t do in the course of your work day. “If one agent wants to place you in the plumber class – which can cost upwards of five times the annual premium of let’s say an engineer class – find an agent who is willing to listen and really understand your business, “ says Smart. “If all you do is test backflow apparatus, then you shouldn’t be placed in a plumber class.”

Regrettably, insuring your business is not as simple as insuring your car. Because this business is unique, you’ll need to draft a package of insurance that meets your business needs and provides the level of protection you’re comfortable with.

Your first decision is to decide which types of insurance your business needs. Two types that all businesses need are property and liability insurance.

Property and Casualty Coverage

Property insurance protects the assets your business owns, including the building and equipment, from destruction or damage. Even if you run your business out of your home, you’ll need to protect your business assets with separate property insurance; your homeowner’s policy will not cover business equipment. There are two general types of property and casualty coverage: All Risk Coverage and Named Perils Coverage. As the names imply, “All Risk” will cover you for almost any type of loss whereas “named peril” coverage will only cover you for specific named causes of loss, such as fire. You need all perils coverage. Even with so called all peril coverage there will be exclusions. Make sure and review the exclusions in the policy. If there are exclusions in the policy that are important to you, you may want to try another insurance company or purchase specific coverage for the excluded situations.

Property insurance is also written as either replacement cost or actual cash value. The first will cover the actual cost necessary to replace the lost property (less the deductible). The actual cash value policy will only pay you the depreciated value of the property — almost never enough to replace what you have lost. Unless the cost is prohibitive, you should purchase replacement cost coverage. Even with replacement cost coverage you will need to make sure you have purchased a high enough limit. If your building and contents are worth $1.5 million and you only have $1 million in insurance, a total loss would still leave you $500 thousand in the hole.

To determine how much property insurance you’ll need, create an itemized list of your business’ assets and their individual dollar values. Then decide which assets you actually want to insure and for what value, which will determine the insurance premium. In some cases, you may decide against insuring a particular asset, because it just doesn’t warrant the cost of the premium. In other cases, the premium may be well worth paying.

General Liability

Liability insurance is the other kind of insurance no business should be without. General liability is just that — very general in nature and protects your business from liability arising from negligence on your part that may cause injury to others, such as a customer or employee. It also protects your company if someone is injured as a result of using your service. When you consider that the legal expenses, settlement or judgment expenses of a single lawsuit could drive your business into bankruptcy, you’ll see why this kind of insurance is considered a “must-have”. Also check whether or not your general liability insurance policy also covers product liability for the valves you may be replacing. If not, you’ll want to add this type of specific liability insurance to your package. You should include “Errors and Omissions” coverage which protects you in the event you are sued as a result of a mistake in your work.

What limits of General Liability should you purchase? According to the Insurance Industry at-large, the absolute minimum in this day and age should be $1 million; most businesses should consider increasing this to $2 or $3 million. The good news is that insurance is not priced on a straight line basis. Since smaller claims are much more likely than large ones, the first $1 million in coverage will cost the most; an additional $1 to $2 million will not cost double or triple the amount.

Different types of liability coverage have developed over the years do address specific business needs. When buying a liability policy, you should be aware that there are two types of coverage, occurrence coverage and claims-made coverage. Occurrence coverage is more expensive but covers you based on when the loss happened, even if it was many years ago. Claims-made coverage only covers you while the policy is in force and the claim is made. With occurrence coverage, as long as you always have some policy in force, you will not have gaps in coverage. With a claims-made policy, it is possible to have gaps when you have not coverage in force.

Commercial Auto Coverage

If you use any vehicles in your business, you need commercial auto coverage. Personal auto policies generally exclude coverage if the vehicle is used in business; be sure to read your policy or ask your agent. Otherwise, vehicles used in business need business auto coverage. The good news is that commercial auto coverage is usually very competitive and can even be cheaper in some cases than personal auto coverage. As is the case with General Liability, you should purchase at least $1 million in limits.

Worker’s Compensation

If you are a backflow contractor that employs other backflow techs in your business, Worker’s Compensation is insurance you will want to carry. It is surprising that this is often the most misunderstood business insurance coverage since it covers exactly what it says. This coverage reimburses workers who are injured on the job for lost wages, medical and rehabilitation costs. It is required by law in virtually every state. Generally, there are two aspects of this coverage: the first covers the lost wages and medical costs of the injured employee; the second covers the employer’s liability should the injured employee or his family decide to sue. In most states the worker’s compensation system is the sole remedy for an injured worker. As a small business owner you will likely have the option of excluding yourself from worker’s compensation coverage in exchange for a reduction in your premium. Weigh this option carefully in light of your personal medical insurance, which may have an exclusion for job-related injuries.

Business Interruption Insurance

Additionally there is insurance business owners may also want to purchase to protect their businesses from incurring the kinds of losses that can close their doors: Hurricane Katrina is just one example of an unforeseen natural disaster that could force you to suspend your business operations; floods, tornadoes, and wild fires are other examples. Or, on a more commonplace level, your business could be the victim of vandalism or theft. Business Interruption insurance protects you from the loss of revenue incurred when you’re forced to close down. It usually has an interesting deductible based on the number of days you are out of business rather than a dollar amount and will generally only kick in after your business has been down X number of days. The premium for this coverage will be based on your business income and reimbursement will be made according to your average of income.

Umbrella Insurance

Is it actually possible for you to buy an insurance policy that can save you money on other insurance policies? It is and an umbrella policy is a great example. An umbrella policy is a type of liability coverage that protects you if there is a judgment against you that is larger than your limits of coverage in your General Liability or Commercial Auto policy. The good news is that since the umbrella policy is secondary, the premium can be very inexpensive. What is even better, it may be possible for you to lower your limits on your General Liability or auto policy to something less than $1 million, purchase a $2 to $3 million umbrella policy and save money overall.

Disability Insurance

Since you’re a business owner, you should also carry some kind of disability insurance. There are various kinds of disability insurance available that are tailored to the needs of business owners. All of them involve paying premiums now to cover your lost income if you become disabled or unable to carry on your business. If your business is dependent upon the expertise or knowledge of particular people in your company, you should also consider key person insurance. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. The insurance provides additional funds to the business until the key person can be replaced, or until he or she returns to work.

Business Owner’s Policy

Properly covering your business is a complex task, involving multiple policies each of which has its own limits and exclusions. Many small business owners can satisfy many of these through a package policy known as a Business Owner’s Policy or BOP. Often the BOP policy is priced very competitively and allows some level of customization through purchasing of additional limits and coverages. It is only available for businesses up to a certain size – ideal for a small backflow contractor — and varies from carrier to carrier. You should ask your agent.

Reading an insurance policy contract can be a daunting task. Their structure can be very confusing and they are loaded with special definitions. Despite this, it is critical that you understand your coverages; your agent can help. However, when all is said and done, just like everything else in your business, the final responsibility rests with you, the owner.

Being a successful business person means being able to anticipate events and plan for the future. Business insurance is one way of ensuring that you’re in control of your future rather than being controlled by it. Unfortunately, there is no generic plan that will meet every small business person’s needs. You’ll need to shop around, just as you would for any product, to get the business insurance that’s most suited to you as a backflow contractor.

Disclaimer

This article is intended to provide general information on commercial insurance for educational purposes only. The material here is not intended to provide specific recommendations for any individual business or type of business. Insurance is regulated in each state by that state’s Department of Insurance. Only a licensed Insurance Agent or Insurance Broker in your state is qualified to provide you with advice on your specific business insurance needs.

 
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Scope of Artificial Intelligence in Business

19 Oct


Scope of artificial Intelligence in Business

Introduction

Business applications utilize the specific technologies mentioned earlier to try and make better sense of potentially enormous variability (for example, unknown patterns/relationships in sales data, customer buying habits, and so on). However, within the corporate world, AI is widely used for complex problem-solving and decision-support techniques in real-time business applications. The business applicability of AI techniques is spread across functions ranging from finance management to forecasting and production.

In the fiercely competitive and dynamic market scenario, decision-making has become fairly complex and latency is inherent in many processes. In addition, the amount of data to be analyzed has increased substantially. AI technologies help enterprises reduce latency in making business decisions, minimize fraud and enhance revenue opportunities.

Definition of AI

AI is a broad discipline that promises to simulate numerous innate human skills such as automatic programming, case-based reasoning, neural networks, decision-making, expert systems, natural language processing, pattern recognition and speech recognition etc. AI technologies bring more complex data-analysis features to existing applications.

There are many definitions that attempt to explain what Artificial Intelligence (AI) is. I like to think of AI as a science that investigates knowledge and intelligence, possibly the intelligent application of knowledge. Knowledge and Intelligence are as fundamental as the universe within which they exist, it may turn out that they are more fundamental.

One of the aims of AI is said to be the investigation of human cognition and AI is part of Cognitive Science. AI is really an investigation into the creation of intelligence and that there is no reason for the intelligence that is created to be exactly the same as human intelligence.

Importance of AI

Enterprises that utilize AI-enhanced applications are expected to become more diverse, as the needs for the ability to analyze data across multiple variables, fraud detection and customer relationship management emerge as key business drivers to gain competitive advantage.

Artificial Intelligence is a branch of Science which deals with helping machines, finds solutions to complex problems in a more human-like fashion. This generally involves borrowing characteristics from human intelligence, and applying them as algorithms in a computer friendly way. A more or less flexible or efficient approach can be taken depending on the requirements established, which influences how artificial the intelligent behavior appears.

AI is generally associated with Computer Science, but it has many important links with other fields such as Maths, Psychology, Cognition, Biology and Philosophy, among many others. Our ability to combine knowledge from all these fields will ultimately benefit our progress in the quest of creating an intelligent artificial being.

Emergence of AI in business

Artificial Intelligence (AI) has been used in business applications since the early eighties. As with all technologies, AI initially generated much interest, but failed to live up to the hype. However, with the advent of web-enabled infrastructure and rapid strides made by the AI development community, the application of AI techniques in real-time business applications has picked up substantially in the recent past.

Computers are fundamentally well suited to performing mechanical computations, using fixed programmed rules. This allows artificial machines to perform simple monotonous tasks efficiently and reliably, which humans are ill-suited to. For more complex problems, things get more difficult… Unlike humans, computers have trouble understanding specific situations, and adapting to new situations. Artificial Intelligence aims to improve machine behavior in tackling such complex tasks.

Together with this, much of AI research is allowing us to understand our intelligent behavior. Humans have an interesting approach to problem-solving, based on abstract thought, high-level deliberative reasoning and pattern recognition. Artificial Intelligence can help us understand this process by recreating it, then potentially enabling us to enhance it beyond our current capabilities.

Applications of AI

The potential applications of Artificial Intelligence are abundant. They stretch from the military for autonomous control and target identification, to the entertainment industry for computer games and robotic pets, to the big establishments dealing with huge amounts of information such as hospitals, banks and insurances, we can also use AI to predict customer behavior and detect trends.

AI is a broad discipline that promises to simulate numerous innate human skills such as automatic programming, case-based reasoning, decision-making, expert systems, natural language processing, pattern recognition and speech recognition etc. AI technologies bring more complex data-analysis features to existing applications.

Business applications utilize the specific technologies mentioned earlier to try and make better sense of potentially enormous variability (for example, unknown patterns/relationships in sales data, customer buying habits, and so on). However, within the corporate world, AI is widely used for complex problem-solving and decision-support techniques in real-time business applications. The business applicability of AI techniques is spread across functions ranging from finance management to forecasting and product

Artificial Neural Networks

An artificial neural network (ANN), often just called a “neural network” (NN), is a mathematical model or computational model based on biological neural networks. It consists of an interconnected group of artificial neurons and processes information using a connectionist approach to computation. In most cases an ANN is an adaptive system that changes its structure based on external or internal information that flows through the network during the learning phase. In more practical terms neural networks are non-linear statistical data modeling tools. They can be used to model complex relationships between inputs and outputs or to find patterns in data.


Real life applications of ANN

The tasks to which artificial neural networks are applied tend to fall within the following broad categories:

• Function approximation, or regression analysis, including time series prediction and modeling.

• Classification, including pattern and sequence recognition, novelty detection and sequential decision making.

• Data processing, including filtering, clustering, blind source separation and compression.

Application areas include system identification and control (vehicle control, process control), game-playing and decision making (backgammon, chess, racing), pattern recognition (radar systems, face identification, object recognition and more), sequence recognition (gesture, speech, handwritten text recognition), medical diagnosis, financial applications (automated trading systems), data mining (or knowledge discovery in databases, “KDD”), visualization and e-mail spam filtering.

The proven success of Artificial Neural Networks (ANN) and expert systems has helped AI gain widespread adoption in enterprise business applications. In some instances, such as fraud detection, the use of AI has already become the most preferred method. In addition, neural networks have become a well-established technique for pattern recognition, particularly of images, data streams and complex data sources and, in turn, have emerged as a modeling backbone for a majority of data-mining tools available in the market. Some of the key business applications of AI/ANN include fraud detection, cross-selling, customer relationship management analytics, demand prediction, failure prediction, and non-linear control.

A majority of the enterprises adopt horizontal or vertical solutions that embed neural networks such as insurance risk assessment or fraud-detection tools, or data-mining tools that include neural networks (for instance, from SAS, IBM and SPSS) as one of the modeling options.

Artificial Intelligence in Manufacturing

As the manufacturing industry becomes increasingly competitive, sophisticated technology has emerged to improve productivity. Artificial Intelligence in manufacturing can be applied to a variety of systems. It can recognize patterns, plus perform time consuming and mentally challenging tasks. Artificial Intelligence can optimize your production schedule and production runs. In order for organizations to meet ever increasing customer demands, and to be able to survive in an environment where change is inevitable, it is crucial that they offer more reliable delivery dates and control their costs by analyzing them on a continual basis. For businesses, being capable of delivering high quality goods at low costs and short delivery times is akin to operating in a whirlpool environment like the Devil’s Triangle, and this is no easy task for any organization. Managing so that production takes place at the right time, on the right equipment, and using the right tools will minimize any deviations in delivery dates promised to the customer. Utilizing equipment, personnel and tools to their maximal efficiency will no doubt improve any organization’s competitive strength. In return, proper utilization of these capabilities will result in lower costs for the organization

Optimal scheduling of jobs on equipment, without the use of computer software, is a truly difficult undertaking. Performing planning using the “Deterministic Simulation Method” will provide you with schedules that will indicate job loads per equipment. Even in the case limited to a single piece of equipment, as the number of jobs to schedule on that equipment increases, finding the right solution in the “Possible Solutions Set” becomes next to impossible. And in the real world, the difficulties arising from the large size of the solutions set due to the recipes formed by jobs, equipment and products, and shaped by the technological restrictions, as well as the complexity in finding a close to ideal solution, are readily apparent.

Research and studies are being conducted worldwide on the subject of scheduling. Software vendors working in this area follow developments closely, and they are coming out with new products to better meet demands. “Genetic Algorithms”, “Artificial Intelligence”, and “Neural Networks” are some of the technologies being used for scheduling

Advantages

• View your best product runs and the corresponding settings.

• Increase efficiency and quality by using optimal settings from past production.

• Artificial Intelligence can optimize your schedule beyond normal human capabilities.

• Increase productivity by eliminating downtime due to unpredictable changes in the schedule.


Artificial Intelligence in Financial services

AI has found a home in financial services and is recognized as a valuable addition to numerous business applications. Sophisticated technologies encompassing neural networks and business rules along with AI-based techniques are yielding positive results in transaction-oriented scenarios for financial services. AI has been widely adopted in such areas of risk management, compliance, and securities trading and monitoring, with an extension into customer relationship management (CRM). Tangible benefits of AI adoption include reduced risk of fraud, increased revenues from existing customers due to newer opportunities, avoidance of fines stemming from non-compliance and averted securities trade exceptions that could result in delayed settlement, if not detected.

Warren Buffet is known as the ultimate investor in this age. So good is he, in fact, that artificial intelligence software developed in Carnegie Mellon that predicts stock movements was named after him by. But can machines really take the place of human traders, much less surpass them? When Deep Blue defeated Chess Grandmaster Kasparov in 1997, AI was propelled into the limelight. Indeed, if a machine can whiz through the intricacies of the ultimate game of strategy, why not beat man in other fields as well – thereby facilitating work, decreasing costs and errors and increasing productivity and quality. This study focuses on applying AI in Finance, particularly in stock trading. In the field of Finance, artificial intelligence has long been used. Some applications of Artificial Intelligence are

• Credit authorization screening

• Mortgage risk assessment

• Project management and bidding strategy

• Financial and economic forecasting

• Risk rating of exchange-traded, fixed income investments

• Detection of regularities in security price movements

• Prediction of default and bankruptcy

• Security/and or Asset Portfolio Management

Artificial intelligence types used in finance include neural networks, fuzzy logic, genetic algorithms, expert systems and intelligent agents. They are often used in combination with each other. When AI first appeared a decade ago, it generated mass media hype but delivered inconsistent results. A number of those who praised its ability were paralyzed in the end. One such case is Fidelity Investments. In this paper, we set the stage by describing how traditional stock trading differs from AI-powered stock trading. We define the various AI systems available and also explore the various solutions available in the market, their IT foundations and how salient they are. Then, we move into how AI systems for stock trading will affect traders, companies and individuals. Benefits, risks and competitive strategy will be defined and real-world examples cited, as grounding for our recommendations in the end. Recommendations include getting management buy-in, implementing the system and managing the whole structure to succeed.


Artificial Intelligence in Marketing

Advances in artificial intelligence (AI) eventually could turbo-boost customer analytics to give companies speedier insights into individual buying patterns and a host of other consumer habits.

Artificial intelligence functions are made possible by computerized neural networks that simulate the same types of connections that are made in the human brain to generate thought. Currently, the technology is used mostly to analyze data for genetics, pharmaceutical and other scientific research. It’s seeing little use in CRM right now, though it has tremendous potential in the future

AI-enhanced analytics programs also provide survival modeling capabilities — suggesting changes to products based on use. For example, customer patterns are analyzed to learn ways to extend the life of light bulbs or to help decide the correct dosage for medications.

High-tech data mining can give companies a precise view of how particular segments of the customer base react to a product or service and propose changes consistent with those findings. In addition to further exploring customers” buying patterns, analytics could help companies react much more quickly to the marketplace.

According to Meta Group vice president Liz Shahnam, intelligent agents could let companies make real-time changes to marketing campaigns. “New technologies would have the model refreshed on the fly based on each new incoming piece of customer information — reaction to the campaign — for a more targeted offer,”

Artificial Intelligence in HR

It is widely believed that the role of managers is becoming a key determinant for enterprises’ competitiveness in today’s knowledge economy era. Owing to fast development of information technologies (ITs), corporations are employed to enhance the capability of human resource management, which is called human resource information system (HRIS). Recently, due to promising results of artificial neural networks (ANNs) and fuzzy theory in engineering, they have also become candidates for HRIS. The artificial intelligence (AT) field can play a role in this, especially; in assuring that the fuzzy neural network has the characteristics and functions of training, learning, and simulation to make an optimal and accurate judgment according to the human thinking model. The main purposes of the study are to discuss the appointment of managers in enterprises through fuzzy neural network, to construct a new model for evaluation of managerial talent, and accordingly to develop a decision support system in human resource selection. Therefore, the research methods of reviewing literature, in-depth interview, questionnaire survey, and fuzzy neural network are used in the study. The fuzzy neural network is used to train the concrete database, based on 191 questionnaires from experts, for getting the best network model in different training conditions. In order to let decision-makers adjust weighted values and obtain decisive results of each phase’s scores, we adopted the simple additive weighting (SAW) and fuzzy analytic hierarchy process (FAHP) methods in the study. Finally, the human resource selection system of Java user interface has been constructed by FNN in the study.


Conclusion

It is difficult for business to see general relevance from AI. This is probably one of the reasons for the compartmentalization of AI into things like Knowledge Based Systems, Neural Networks, and Genetic Algorithms etc. Some of these separate sub topics have been shown to be very useful in solving certain difficult business and industrial problems and consequently funding bodies influence research directions by encouraging work on these more application based areas. This can have a positive effect for business benefit and has lead to some very useful systems that have found their way into the heart of business activity. Business should not lose sight of where AI could go because there are many potential benefits to current and new businesses of future research. The idea of robotic domestic workers is still far fetched but companies are making progress even here. There is already a Robot Vacuum Cleaner marketed by Electrolux and doubtless improved systems with better functionality will follow. .

I would like to close by quoting from Tom Peters, a leading management guru: “When you think you’ve reached the top, tear down everything and do it all over again. If you don’t, your competitor will.” To this, I would like to add my own: “If your competitor won’t, new investors will enter the market segment who will do the same job better.”

 
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Top Ten Legal Mistakes Small Business Owners Make and How to Avoid Them

18 Oct

TOP TEN LEGAL MISTAKES SMALL BUSINESS OWNERS MAKE AND HOW TO AVOID THEM

Our experience, as well as those of our clients, has left us sensitive to the numerous legal mistakes small business owners make. We offer this in an effort to help you avoid them.

Pre-Formation

1.   Starting a business while employed by a potential competitor, or hiring employees without first checking their agreement with the current employer and their knowledge of trade secrets.

The law is clear that if someone is currently working for a company, particularly if he or she is a key employee, they cannot operate a competing business. Even just incorporating may spark a lawsuit from the current employer. Would-be entrepreneurs should first go to their current employer and either resign, or tell them what they’re doing and ask them if they’d be interested in investing. Amazingly, that is often a very smooth way of ending that relationship. Under no circumstances should they misrepresent the nature of the new business.

Even after leaving the current employer, one cannot use or disclose the company’s trade secrets. Under the so-called Inevitable Disclosure Doctrine, if someone has been exposed to trade secrets at their job and leaves to work for someone else, and if their responsibilities in their new job are sufficiently similar, some courts will conclude that it is inevitable that they will use the information they had from the earlier position. They could face an injunction prohibiting them from working for the new employer until a number of months go by and whatever trade secrets they had are stale.

It also helps to know whether potential recruits are subject to covenants-not-to-compete. States vary in terms of how enforceable they are, but one shouldn’t assume they are not. One should also check to see what assignment of inventions might have been signed. Personnel files should be reviewed and recruits should check theirs, to be certain that a covenant-not-to-compete or an assignment of inventions wasn’t tucked into a signed non-disclosure agreement.

2.   Mistakes When Leasing Office Space

Next to payroll expenses, facilities and related expenses are generally the second highest expenditure for a company. Some of the most commons mistakes that companies make when leasing space are:

  • Not using an experienced commercial real estate broker.

  • Waiting too long to start the process.

  • Leasing the wrong amount of space.

  • Picking the wrong location.

  • Not thinking about the future.

  • Not measuring the space.

  • Signing too long or too short of a lease.

  • Not verifying a buildings systems and infrastructure.

  • Not having your insurance carrier review the lease language.

Formation

3.   Choosing the Wrong Ownership Structure: Choosing an ownership structure is one of the most important decisions you’ll make for your new business. You must consider your specific needs. The following factors can help in making your decision:

  • What are the potential risks and liabilities of your business? (For instance, building houses, making edible goods, fixing cars, and selling alcohol carry inherent risks.)

  • How willing are you to spend the money it takes to set up and maintain the records for a separate business structure (such as an LLC or a Corporation)?

  • What are your expected profits or losses in the first couple of years? Unincorporated business structures let you deduct business losses from your other income, but corporations do not.

  • What are your plans for seeking investors? Sophisticated investors often prefer the stock structure of a corporation.

4.   Consider your potential liability: There is a summary of the amount of liability you may face depending on how you structure your business.

Sole proprietors – Because sole proprietors are personally liable for all business debts, you could potentially lose everything you own if your business debts are not paid.

  • Partnerships – Because your partners can make commitments that bind the entire business, your liability may be even greater than a sole proprietorship. Make sure you can trust your partners to protect your interests.

  • Limited Liability Companies (LLC) – LLCs are often subject to annual taxes or annual reporting fees. Amounts vary by state and do not depend on whether or not you turn a profit.

  • Corporations – Corporations are required to keep many different records, including recording every major decision and holding annual formal meetings. If you fail to do so and are sued, a judge can find that the corporation was a sham (this if often called “piercing the corporate vail”). Investors can also sue you if they think you’re not operating the business in their best interest.

For most people, starting a one person business, operating as a sole proprietor at the outset makes sense. But, if your business is especially likely to be sued, is funded by outside investors, or might be profitable right from the start, consider forming an LLC instead. For most people starting a business with more than one owner, an LLC is preferable to a partnership as you get limited liability but need to do less record keeping than a corporation, and the same taxation as a partnership.

Post Formation

5.   Mistakes After Incorporating and/or Creating an LLC: A company that does not follow proper formalities may inadvertently create personal liability for its shareholders or members. In addition, a company that fails to maintain proper records may lose credibility with potential investors performing due diligence.

Some of the mistakes small businesses often encounter include:

  • Failing to issue and record stock or member certificates. After forming a corporation or LLC, shares or membership certificates are issued to the owners. Without issuing the share/certificates, there is a potential of having the corporation pierced in a lawsuit because the court will claim that the company is just an alter ego of the individual.

  • Failure to hold the meeting of the shareholders or directors in a corporation. Every corporation when it is first formed needs to have an initial meeting with the shareholders and directors in order to adopt the Article of Incorporation, By-Laws and to issue the shares for the company. This initial meeting is also an opportunity for members of an LLC to create an Operating Agreement that is crafted for their particular needs.

  • No resolutions or other documents are kept for the ongoing venture. Every corporation needs to maintain corporate records and meeting minutes. A corporation resolution is a written document that gives someone in the company authorization to perform a specific action. For example, if the business needs a loan, the resolution would be written and signed with the director of the company giving authority to an individual to open the loan and use it for business purposes. Similar documents should be kept in the LLC format. Many partnership formations also fail to create necessary initial documents, such as having a signed partnership agreement which includes a defined exit strategy that allows either party to walk away or buy each other out, without destroying the business.

The On-going Concern

6.   Failing to Clearly Document Partners Rights and Responsibilities

This mistake is usually made at formation by not having a properly crafted Operative Agreement. The consequences of that early mistake are revealed as the business begins to operate. Founding shareholders or partners (or members of an LLC) should have an agreement that answers at least the following questions:

  • How much time and effort is each person expected to contribute?

  • How much capital each person contributes?

  • What happens if the business needs more capital?

  • What happens if one person leaves the business?

  • What happens if one person dies?

  • Will the stock or partnership interest be brought back from the estate of the deceased or from the person leaving the business?

7.   Unclear Expectations and Rules for Employees

It is important to set clear expectations and rules for your employees. Make sure they acknowledge that they are At-will employees, which means they can quit or be terminated at any time without exposing your business to liability. It is also important to inform your employees that discrimination, sexual harassment and other illegal acts will not be tolerated.

Human Resource Manuals, also known as employee handbooks, do not have to be in writing, however, a policy manual is the clearest way of spelling out what is and is not acceptable. A manual is not the only legal way to make policies known. It can be shared verbally, employees are fired every day for violating a spoken policy. In fact, the firing is more proof of the policy.

Notwithstanding this, many companies mishandle employee issues. Companies that are not careful when documenting relationships with employees and independent contractors, accidentally may change their status – from an At-will employee to an employee with special rights upon termination, or from an independent contractor to an employee for whom the company must provide benefits and withhold taxes. In addition, employee obligations such as non-competition, non-solicitation, confidentiality and intellectual property obligations should be properly negotiated at the time of hiring to ensure enforceability.

8.   Ignorance of the Law

Just because laws are numerous and complex doesn’t mean your business can ignore them. Learning little about the following basic areas of law can keep you out of legal hot water:

  • Basic contractual rules.

  • How to protect your ideas and inventions (copyright, patent, trade secrets).

  • Major employer-employee laws.

  • Security laws effecting how you can raise capital for your business.

  • Governmental regulation of your industry.

9.   Getting Involved in Litigation

Litigation fees can be astronomical, and they can quickly drain management time and resources. Consider alternative means of dispute resolution, such as mediation or arbitration. Or, if a reasonable settlement offer is available, think seriously about taking it instead of spending more time in litigation.

10. Failing to Hire the Right Professionals

A company that hires knowledgeable legal, accounting and tax advisors who are used to working with early stage companies can avoid many of the common mistakes. A company should hire and consult with those advisors in the early stages of its formation. Compliance with applicable laws can be relatively inexpensive if experienced professionals are brought on board at the right time. The cost to fix those mistakes however, is not.

At the Law Office of Barron & Posternock, LLP, our experienced lawyers are committed to providing each client with the personalized attention and counsel that is necessary to achieve a favorable legal result. Our skilled law attorneys are leaders in the Southern New Jersey and Philadelphia legal communities, and they stand ready to assist you with your commercial, employment, real estate, and other legal needs.

http://www.barpostlaw.com.

 
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Insure Your Small Business Against Disaster

24 Sep

A customer slips and falls in the aisle of your store. A man claims to have found a piece of glass in the jar of salsa that he bought from you. A woman tells you that your company’s face cream gave her a skin inflammation. A key employee steals from your account. Your computers get a virus and you have to suspend operations.

Any one of these occurrences could be expensive unless you have the right insurance.

How do you protect yourself? If you’re sued, you must get legal representation. You can also take steps before disaster ever happens. Here are some steps you can take to protect your business and your personal assets.

Incorporate your business. According to Bizstats.com, over three-quarters of all U.S. businesses are structured as a partnership or sole proprietorship. For these enterprises there is no legal difference between the business and the individual, and the owner is personally responsible for all liabilities. The assets of the owner are legally the same as the assets of the business.

Corporations are legal entities that are distinct from the owners and management. A corporation can own property and pay taxes. In the event of a liability, the corporation is responsible, not the owners. If your company is incorporated, then you are not personally liable for the company’s debts. (There are exceptions–if you borrow money for your small business, the bank may demand as collateral your personal assets such as your house.)  

Costs for incorporation vary according to the complexity of the business and how much work you are willing to perform yourself. Attorney’s fees can be anywhere from $500 to thousands. State filing fees can total from $100 to $500. Forms of incorporation are available through your Secretary of State office or online.

Get business insurance. As a small business owner, you should protect your company’s assets the same way you protect your house or car–with insurance. There are business insurance plans for every contingency:

General liability insurance protects your business from property damage, injury claims, and advertising claims. Also known as Commercial General Liability (CGL), it’s the most basic type of insurance for small businesses.

Professional liability insurance: Providers of professional services may consider having professional liability insurance, known as errors and omissions. This coverage protects your business against claims of errors, malpractice, negligence, and omissions. For some professions it is a legal requirement to carry such a policy.

Product liability insurance: If you sell a product, you should consider product liability insurance. This provides protection in the event a customer brings a claim against your company based on a problem with your product.

Home-based business insurance: Homeowners’ insurance policies do not generally cover home-based business losses. Specialized home-based business insurance may include business property, crime and theft, loss of business data, professional liability, personal and advertising injury, and disability.

Worker’s compensation: Required in most states, worker’s compensation insurance pays for employees’ missed wages and medical expenses if injured while working.

Internet business insurance: Web-based businesses should consider specialized insurance that covers liability for damage done by hackers and viruses. In addition, e-insurance often covers specialized online activities, including lawsuits resulting from meta tag abuse, banner advertising, or electronic copyright infringement.

Criminal insurance: Employee bonds and criminal insurance provide protection against losses due to criminal misconduct.

Business interruption insurance: Losses are covered during natural disasters, fires, and other disasters that may cause the business to cease operations for a significant amount of time.

Key person insurance: The company is compensated if a key person dies, becomes ill, or leaves.

Malpractice insurance: Many licensed professionals need protection against bodily injury or property damage claims, the cost of defending lawsuits, investigations and settlements, medical expenses, and bonds or judgments required during an appeal procedure.

If you take the right steps to protect your business, you’ll be prepared when challenges arise!

© 2008 Thomas Hauck Communications Services

 
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Does Anyone Want To Help Me Get A Business Commercial On Tv And Be My Business Partner?

18 Sep

My business: I buy structure settlement, real estate seller financed note, lottery winning, invoice, land note, and more. JUST LIKE J.G. WENTWORTH

 
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Does Anyone Want To Be My Business Partner And Help Me Get A Business Commercial On Tv.?

17 Sep

I need a partner to help with my business. What I do is I buy structure settlement, lottery winning, real estate note and more. I am trying to get a commercial like J.G. Wenthworth.

 
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Life Settlement: A Smart Financial Business Decision

15 Sep

Those in the financial world know that life insurance policies are taken out for a variety of reasons. The policy could serve to cover a mortgage or buy out a business partner in the event of an untimely death. It could simply provide towards the cost of college if a parent were to die. But, situations change. The mortgage gets paid off, the business partners part ways and the kids all get scholarships to college. It is in these situations that a life settlement can be a wise decision.


A life settlement is when the owner of a life insurance policy sells that policy for a lump sum of money. There are many reasons for doing this, but the most important is that a life settlement provides the policyholder with immediate funds rather than possibly lapsing on a policy where the owner would receive nothing.


Not every life insurance policyholder qualifies for a life settlement. Depending on the buyer, there are certain restrictions regarding the policy’s face amount, the age of the policy and the age and/or life expectancy of the policyholder. Still, for those that qualify, a life settlement provides an excellent opportunity for immediate income. There are several ways to use this income:


Investments


The lump sum that comes from an insurance settlement can be used to invest in stocks, bonds, mutual funds or even other insurance products. If the investor is looking for opportunities to build or enhance an existing portfolio, an infusion of cash from a life settlement could be a great strategy. Of course, investment opportunities can also be found in real estate. This could be an ideal strategy for funding that second home in the mountains or that beachfront vacation home.


Maintaining Lifestyle


An insurance settlement can provide the immediate income needed for retirees to maintain the lifestyle to which they are accustomed. Proceeds from the life settlement could be used to construct an income portfolio or even purchase an immediate annuity providing guaranteed lifetime income payments.


Long-Term Care


Long-term care can be a huge drain on a family’s personal finances – especially when long-term care insurance has not been purchased. Choosing a life settlement can provide the income needed to pay for long term care. If properly structured, the income portfolio can be designed to create the stream of income closely matched to the policy’s annual premium. This can be a huge relief to families dealing with a long-term illness.


Other Financial Objectives


There are other ways to use a life settlement that may not necessarily be traditional choices. Some policyholders choose to use their lump sum to make gifts to heirs. For some, it is worth it to be able to see family enjoying their inheritance. Other policyholders that receive a life settlement choose to donate to charity. This can be a beautiful way to make a lasting impression.


Of course as with all investment and money issues, if an investor is unsure how to build a diversified portfolio or what exactly to do with a life settlement, professional advice and management should be considered.

 
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Selling Your Structured Settlement To Start A Business

08 Sep
Structured settlement payments are popular financial tool arranged after a court judgment on a personal injury tort claim. This tool replaced the old way of paying lump sum which is very inconvenient for the paying party’s part. These structured settlements come in a form of annuities setup for years in the future. One of the reasons behind the structured settlement payments’ existence is the expectation that the injured individual cannot obtain any fixed income through a regular employment or any other manner. Conversely, this is not always the reality. Actually, most injured individuals can recover and are able to return to their respective work without the additional help from a structured settlement payment to cove the medical expenses or some sort of disruption or loss of income from unemployment. Without the needed help to augment income every month, there is the major drive to rather sell the structured settlement than wait. It might not be recommended to sell your future payments as it spells comfort for many years to come but it is certainly a good option to sell it for a valid use of the big amount. This leads us to the main point of this article. Selling the structured settlement is a good way to raise money for a business start up. If you have a great investment opportunity in mind you have been planning for in the past, this moment is simply a great way to start an even better way to bigger returns in the future and that is through a business. Let us take an example to illustrate our point further. The lawsuit you won granted you a structured settlement payment deal for a comfortable 8 years. If you need a $25,000 capital as an initial cost to begin your business, you can plan to sell only your last 5 years of future settlement payments. In the next 3 years, you will still be receiving monthly payments as part of your income. Why? This is because it is recommended to keep a security net that you can fall back on when the business venture fails. By keeping a part of your settlement income, you have enough funds to still support your family while the business is not yet self-sufficient especially in the first three years. In the first 3 years of your business, you will be able to support your family regardless of what happens to your business. This will also provide a good amount of time and room to let your business be established.
 
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