Ms. Nettleton ---
Hello
My company is strictly sole-practitioner, corporation, so termination / liquidation would be as simple as can be. But that's for my wife, or my estate, to do. I plan to "die drawing". So, see Suggestions, item 1, below.
BUT --- My
Professional Liability Insurance folks have mentioned something called a
"tail": 1. I'm assuming it applies if you
stop cold on providing services.
2. It keeps carrying insurance on work you've done.
3. Declining premium each year.
4. Carry as long as your local statute of limitations?
5. What if, you dead-stop "retire", then do small house add'n for a friend, 2 yrs. later?
Suggestions --- 1. Simplify your business structure as much as possible, now.
2. Decide if you will "dead-stop" retire (rare in Architects).
3. Consult with insurance folks about the
"tail" (or whatever its name is).
Best of luck.
Thanks ---
Bill -------------------------------------------
William Devlin AIA
William J. Devlin, AIA, Inc.
Springfield MA
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Original Message:
Sent: 06-24-2015 16:48
From: Sarah Nettleton
Subject: RE advance advice on closing a firm
I want to plan ahead on what is involved in closing a small firm. Any advice? It seems wise to have a plan in place in case of unknowns for a small firm transition.
thanks for your thoughts
Sarah
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Sarah Nettleton AIA
Sarah Nettleton Architects
Minneapolis MN
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