Legally Running Your Construction Business While Limiting Personal Liability

One of the key factors in surviving and thriving in business downturns is limiting business and personal risk. The course examines how creating the right business entity, following basic corporate requirements, and creating “entity separation,” can prevent creditors from making owners liable for business debt (also called "piercing the corporate veil"). The course also goes through basic ways to limit liability on personal guaranties and other crucial steps to limit personal liability in good times and bad.

Course Outline

• LIMITING LIABILITY IN CHALLENGING TIMES
• LEGAL BUSINESS BASICS
• Need for an Entity
• Issues in Entity Selection
• Selecting an Entity
• ENTITY CONTROL
• Controlling an Entity
• Legally Running a Company
• Creating Appropriate Entity Separation
• Ramifications of Failing to Properly Administer or Maintain Entities
• Have a Good and Up-To-Date Contract
• Properly Signing a Contract
• Having Good Insurance
• Limiting Personal Guarantees
• Good Recordkeeping

Learner Objectives

Learn how to properly set up, structure and run a legal entity and limit exposure to creditors.

Testimonials

"Stephen is one of the best presenters in the business. Great info and personality of presentation." Larry Rosenthal, Rosenthal Construction LLC

"The course was easy to understand and highlighted the importance of limiting liability." Karin Stricker, KES Enterprises LLC

Quiz Info

In order to receive continuing education credit(s), you will need to take a 10-question quiz following the course. To pass the quiz, you will need to achieve a score of 70% or higher. If you are unsuccessful, you will have an opportunity to repeat the quiz. Once you have successfully completed the quiz, you can download your continuing education certificate(s) showing the credit(s) that you have earned.

Access Info

Your online course is accessible 24/7. The course will be available to you for 180 days from the purchase date.

Credit Info

This course has been approved for one hour of MN residential contractor and remodeler credit by the Minnesota Department of Labor & Industry and is approved for the required business management credit.

If you are eligible to receive continuing education credits, your information will be electronically reported to the appropriate agency within 3 business days of course completion.

Questions and Comments

Questions and comments related to the curriculum for this course may be submitted to the instructor at education@housingfirstmn.org.