Editor’s note: This column is based on the author’s presentation of the same title at Face & Body® Midwest 2012, which took place at McCormick Place West in Chicago in March.
Skin care professionals can run into a variety of financial and legal problems in the course of owning and running a business. Three of the most common issues are vulnerability to lawsuits, overpayment of taxes and the lack of a viable estate plan. Part I of this two-part column will address tactics skin care professionals can take in order to become less vulnerable to lawsuits, and Part II will address the issues of tax overpayment and estate planning.
Skin care professionals are exposed to a number of lawsuits, including premise liability, employee liability and others. If you are not properly structured, it only takes one lawsuit to lose everything. The solution is to place assets into properly drafted legal entities.