Good morning!

As we rapidly approach the end of another year (we have, at best, just 32 business days left in 2004!), I find myself fitting in some housekeeping items before it expires. I run a corporation, just like many of you, and I have developed a "to do" checklist which I'd like to share with you this month — while you still have the time and energy to do something about it!

And, for the procrastinators among my readership, you have one last chance this year to join me tomorrow morning (November 18, 2004) bright and early at the Newton-Marriott for SBANE's monthly breakfast. Although SBANE always attracts the "best and brightest" of keynote speakers, tomorrow we will offer you something out of the ordinary — John Hancock, Sam Adams, and Abigail Adams! Come and enjoy a unique re- enactment, performance and discussion of business success based on the perspectives and experiences of our forefathers (and foremothers!) by the Boston Freedom Trail Players.

See you over coffee!

Rather than wait until my December newsletter, when my recommendations might fall on harried ears, it occurred to me that sharing my own year-end "to do" list might be helpful. Don't worry, it's not all legal exhortations; even lawyers have other business challenges to manage and, although we are often like the cobblers' kids, we still have to get around to those pesky issues all of our clients face.

Set aside a quiet hour or two and pursue some "quiet conversations" with your professional advisors:

Business:

1. taxes … the obvious first item on the list and worth giving some attention. For those of you with accountants who also function as your business' financial advisor, you have probably already started that conversation. For a terrific example of accountants who are already reaching out to their clients at this level, visit www.omalleyandcolangeli.com and click on the "News" tab. My accountant has already set up our meeting … has yours?

2. employee benefit plans … this is a good time of year to review the quality, quantity and cost of your employee benefit plans — whether or not they are currently up for renewal. At Widett and McCarthy, we are exploring ending one form of retirement plan and upgrading to another (and January 1 is the perfect start date). However, these decisions need some thought and discussion with your retirement plan advisor, so now is the time to make that call.

   Is your current health insurance plan the right one for you and your employees? With an employee base of under 50, you may have fewer choices, but you do have choices. Review these choices, the benefits of each and make sure the plan that you are providing is worth the money you and your employees are paying. Need some help? SBANE members have access to those choices and a phone call can put you in touch with the experts.

3. corporate compliance … many of my readers followed the advice in my July newsletter and filed their "registered agent" form with the Secretary of State. Many more are now receiving reminder cards in the mail and my recommendation is to follow up now, before the January rush! It's a very simple on-line filing … don't have time? I bet your corporate counsel would be more than willing to take this little housekeeping chore off your hands!

4. limited liability company … for those of you who use the LLC form of entity, as opposed to a corporation, you may remember that Massachusetts law required at least two members (owners) when you first formed the company. This is because Massachusetts (late to the party to even adopt LLC legislation) based it upon partnership law at the time they first passed the law. And, from that day forward, a businessperson who wanted to use the LLC as an operating entity had to have a partner (which frequently ended up being a spouse with a 1% ownership to simply satisfy the awkward requirements of state law).

   In March of 2003, however, the Massachusetts Legislature revised that awkward law and a Massachusetts LLC can now be owned by one person. Even better, it means that tax returns for the one person LLC can be simpler and less expensive! If you are operating an LLC with a "partner" who isn't truly necessary to the business, it's a good time to review your company's situation (be sure to talk to your lawyer and your accountant) and see if this is a change worth making before the end of the year.

Personal:

1. your house … generally your most valuable personal asset. By now, I hope you have filed that Declaration of Homestead to protect the first $500,000 of its equity. Need a refresher on how to do that? Take a quick peek at my February issue and you're ready to go!

2. your family … spouse, kids, etc. If you have dependents, you have probably already purchased life insurance, but what about long term care insurance? Protection of your personal financial assets dictates that, like the television commercial says, you should have that quiet conversation with your insurance advisor. I had mine this year and the research convinced me that my personal assets were well worth protecting in the event of the unexpected! Don't have an "insurance advisor?" Ask your professional advisors for a referral… a good insurance advisor does far more than place your auto insurance and can be worth his or her weight in gold when you least expect it!

Those are my suggestions for year end to-do's. Remember, pay attention now and avoid those nasty surprises later!!

P.S. Of course I know the Red Sox photo up top has nothing to do with the topic, but so what! I'm from Boston!

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• IssueSource.org
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• US SBA Office of Advocacy
• WSJ Center for Entrepreneurs
• The Kaufman Foundation