Kentucky Law Blog

Part of owning a business in Kentucky is learning all the legal requirements you must fulfill each year. One of those is filing an annual business report. Unless you have a sole proprietorship, One Stop explains that you are required by law to file a business report with the Secretary of State's office.

You will get a postcard by mail that you must fill out and return or you can file online. If you have a new business, then you will need to submit extra information than you will in subsequent years. You will need to provide the names and addresses of those in power positions within the company, along with confirming the registered office agent and principal. Then you will just sign and date it. You also must pay a $15 fee. If you have an established business, you just have to confirm everything on the postcard is correct, sign and date it and pay the fee.

As you may be well aware, having workers' compensation is a critical part of any well-rounded benefits package. Its primary purpose is to protect you and provide financial support to you and your family should you ever be involved in a work-related accident that leaves you injured and unable to perform your job duties. At Gatlin Voelker, PLLC, we have helped many employees in Kentucky to file workers' compensation claims following incidents at their workplace. 

Understanding what to pay attention to when filing your workers' compensation claim is imperative to helping your chances of receiving the compensation you deserve. Failing to pay attention to the details, ignoring seemingly repetitive requests and even procrastinating filling out a claim, could void your claim and leave you grappling to find a way to provide for your needs on your own.

You have worked hard to build your brand by leveraging your competencies and effectively marketing your product. Consumers are noticing and your business is growing and thriving in Kentucky. One of your constant concerns in maintaining a competitive position in the market is to regularly analyze your competition and watch what they are doing. However, have you ever considered that forming worthwhile relationships with your competitors could actually benefit your organization?

When you spend time observing the way your competitors do things, you can gain insight into how you can better strategize to continue to grow your company. More often than not, businesses discover best practices because of the willingness of others, usually competitors, who are excited to share their accomplishments and discoveries. Information-sharing does not have to mean you need to disclose sensitive information about your company. According to Entrepreneur, there are several important reasons why you should be friendly with your competition including the following:

• There could potentially be an opportunity for your business to be bought out by your competition. 
• If you take the chance to teach your competition about some of the things you have learned, you can benefit the industry and potentially realize other things that can help your company.
• Your competitors may be some of your most cherished mentors.
• Sharing information within your industry may help competitors to continually better their products or services which will ultimately strengthen your company's reputation.

Being self-employed comes with many perks. You get to be your own boss, create your own work hours and decide how long your commute is. However, it also comes with some downsides. You have to pay your own taxes and be responsible for your own insurance, retirement and other benefits. You may wonder about workers' compensation. While you do not have an employer to handle workers' compensation for you, the Small Business Administration explains that you can get your own insurance. 

Workers' compensation is designed to help you make an income when you are unable to work due to being injured while on the job. In a traditional situation, your employer pays for the insurance, but when you are your own boss, you have to get the insurance coverage. You are not required by law to have it, but it can be a good idea if you work in a profession where injuries are common or if you would have major financial issues if you did get injured and were unable to work.