8A
STRICTLY BUSINESS/ The Charlotte Post
Septembers, 1996
Insurance you’ll really need
Continued from page 7A
financial catastrophe.
Credit iasurance
Credit life insurance is an insurance policy
issued on the life of a borrower to cover the
unpaid balance on a loan in the event of the
borrower’s death. Credit life insurance is
expensive. It is almost always totally unneces
sary unless you don’t have adequate life insur
ance. Often, the pitch comes when you are
about to borrow money for a car or house.
Credit card companies are also now getting
into the act, offering to provide credit life
insurance for balances on your credit card.
If you desire to buy life insurance to pay off a
loan, purchase less expensive term insurance
and save a ton of money. For example, credit
life insurance on a $100,000 mortgage might
cost over $700 a year. With a term life insur
ance policy for the same amount, you might
pay as little as $100 or so.
Rental car and flight insurance
Car rental insurance, better known as colli
sion-damage waivers, can cost as much as $15
a day. This insurance can add as much as 50
percent to the cost of renting a car. Avoid it
like the plague. You are probably covered
under your own auto-insurance policy. Before
you rent a car, copy that section in your policy
and keep it with you. This way you can refer
to it when you are in the car rental agency.
One exception to this advice may be when
you are traveling overseas. If you are renting
a car outside the U. S., you might be subject to
so many hassles that you might want to select
this coverage so that you can have peace of
mind.
Another type of insurance to avoid is flight
insurance, often sold in airport vending
machines and across the counter. Some credit
card companies also sell these policies. The
odds of your dying in a airplane crash are
small, which makes this a good deal for the
companies offering the policies and a bad deal
for you.
Insurance you do need
Now let’s look at the t3q>es of insurance that
you do need. If you own a car and a house,
make sure that you have adequate auto and
homeowners insurance. Some tips to getting a
good deal include shopping around, using the
highest deductible you can afford and asking
the agent about any discounts they offer.
You also need health insurance. The odds
are great that you will have a major illness in
your family that could devastate your
finances. If both spouses work and have access
to coverage at work, compare policies to deter
mine the better deal. Disability insurance is
generally provided through your employer but
it’s important to understand under what cir-
cumst^ces will it pay and how much.
And finally, most consumers don’t have
enough life insurance. You are going to die, so
determine how much you need and buy all
you need, preferably term insurance. Having
enough life insurance will help ease the finan
cial trauma that often accompanies such a cat
astrophic event.
Charles Ross is host of the nationally syndi
cated radio show, ‘‘Your Personal Finance,”
and author of “Your CommonSense Guide to
Personal Financial Planning”
Big league sports hiring
Continued from page 7A
Baseball had an overall B
average, but had a decrease in
the percentage of department
heads in the league offices,
among coaches and vice presi
dents. There was an increase in
the overall percentage of minori
ties in the league offices. The
NFL had a B average, with
increases in head and assistant
coaches, team vice presidents
and professional adminstration.
Women continued to make
inroads in the sports’ league
offices with all-time bests in the
three leagues. They also
reached new highs as vice presi
dents in the NBA and NFL as
well as holding steady in base
ball. The NBA and NFL reached
new highs for women in profes
sional adminstration jobs. The
league offices, however, had a
decline in minorities holding top
positions.
The NFL has an all-time high
of three African American head
coaches - Tony Dungy, (Tampa
Bay Buccaneers) Dennis Grt.'en
(Minnesota Vikings) and Ray
Rhodes (Philadelphia Eagles).
The NBA hired three head
coaches, but fired two for a net
gain of one. Pro basketball’s all-
time winningest coach, Lenny
Wilkens of the Atlanta Hawks,
is African American.
Organizations representing
pro football and basketball play
ers had better results than their
leagues. The National
Basketball Players Association
and National Football League
Players Association received A
ratings, while the Major League
Baseball Players Association,
which has been locked in a long
contract impasse with the own
ers, didn’t submit a report.
Even the area where people of
color are most likely to be found
- On the field or court - the
numbers are declining for the
first time in recent memory.
“The percentage of minorities
playing professional sports
Bo
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Structure for your business
Continued from page 7A
ed to them on Schedule K-1. You
also must pay self-employment
tax in some situations. The
main drawback of a general
partnership is the same as that
of a sole proprietorship—each
partner is personally liable for
business debts. An option to
consider is a limited partnership
arrangement. Available in
many states, these entities lim
ited liability of partnership to
the extent of the amount of
money they'have invested in the
business. However, each limited
partnership must have a gener
al partner who is responsible for
administering the business and
is liable for all company debts.
A relatively new form of busi
ness available in partnerships -
the limited liability partnership
(LLP) - provides further liabili
ty protection. Partners are not
liable for acts, errors, or negli
gence of others unless they
supervised or were involved in
the work. They are, however,
responsible for contractual
obligations.
PHOTOWADE NASH
Lenny Wilkens is the NBA’s all-
time leader in coaching wins.
dropped in all three leagues for
the first time in recent memo-
ly,” Lapchick said. “In the NBA
it dropped from 82 to 80 percent
of the players who were black;
in the 1995 NFL season, from
68 to 67 percent who were
black; in Major League
Baseball, from 38 to 37 percent
of the players were black or
iiik.
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Corporations limit liability
Corporations, which must
adhere to state laws, can be
more complex and expensive to
establish than other business
entities. But, the major advan
tage is that the owners of the
company are not liable for the
company’s debts. Generally, the
company is responsible for its
debts only up to the amount of
its assets, but the stockholder
may he responsible to the extent
of his or her investment. But be
careful - in some situations,
courts have allowed creditors to
“pierce the corporate veil” to
reach individual assets. On the
other hand, organizing as a reg
ular, or “C” corporation tends to
carry a heavy tax burden.
Income can be taxed twice -
once when it is earned by the
corporation and again when div
idends are distributed to indi
vidual shareholders. Small com
panies can avoid this double
taxation by electing to file as an
S corporation. In an S corpora
tion, profits and losses pass
through the corporation to its
shareholders with no extra tax
to the corporation. Each share
holder includes his or her pro-
portionat share of profits and
losses in individual income on
his or her tax return, and it is
taxed at personal income tax
rates.
Limited liability companies
Generally, limited liability
companies combine the liability
protection of a corporation with
the tax advantages of a partner
ship. As with corporations, own
ers of LLCs are not generally
liable for debts and obligations
of the LLC. What’s more, when
an LLC is taxed like a partner
ship, individual owners are
taxed like partners - at individ
ual rates. Be aware, howevel -
some state statutes may not
allow partnerships or sole pro
prietors to organize as an LLC.
Since the type of business you
choose will impact legal, finan
cial, and tax aspects of your
business, you may want to con
sult with an attorney and a
CPA before making a decision.
Bridges leads Hardee’s diversity
Continued from page 7A
tion program at the Kenan-
Flagler Business School at UNC
Chapel Hill. He also completed
the Imasco Senior Management
Development Program.
Hardee’s, which is celebrating
its 35th anniversary this year, is
expanding its diversity pro
grams like other companies
owned by Spartanburg, S.C.,-
based Flagstar Cos. Hardee’s
operates a system of about 3,500
company and franchised restau
rants in 41 states and 10 foreign
countries. Systemwide sales
exceeded $4.5 billion.
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