Accidents happen every day from something very minor to something that causes injury or even death.  Some of these accidents are the result of negligence like car accidents, defective products, injuries at work, slip and falls and even an assault.  When you are hurt because of someone else’s negligence you can sue for compensation for the damages that you suffered because of the accident and injury.  Defining damages in your personal injury case is important, you need to understand exactly what you can ask for compensation for.

Common Types of Damages

When it comes to personal injury cases there are three types of damages that you can seek compensation for, they are financial damage, future financial damage and non-financial damages.  Financial damages are pretty straight forward, they cover things like all of your medical expenses relating to the injury, hospital bills, medication costs (both prescription and over the counter), lost wages while you are off work, travel expenses (to and from the doctor) child care expenses and other costs like those.

Future financial damages are there to help you with expenses you’re going to have going forward because of the injury.  Here are some examples, physical therapy, long term care, long term medical treatments and medications.  Non-financial damages include things like your pain and suffering, PTSD, losing your ability to continue in your career or education, permanent disfigurement and the mental anguish you have gone through.  Here is a closer look at the damages you can claim.

Medical Care and the Cost

If you have been seriously injured then it goes without saying that you are going to need medical care.  Medical care doesn’t come free or cheap even if you have insurance, your medical expense will represent a big part of your case.  You may have needed an ambulance, hospital stays, surgeries, medications, physical therapy not to mention a variety of different tests.  The cost of medical treatment may vary from case to case but it tends to be directly proportional to the severity of your injuries.

Lost Income

If you have been severely injured and you aren’t able to go to work that means that the money you rely on to support yourself is no longer available to you.  You are entitled to compensation for that as well, and that includes things like food, rent or mortgage, utility bills and car payments.  All of these are things that you deal with in everyday life.  If you can’t work then you can’t pay your bills and this can be recovered in your personal injury case.

Speak to a personal injury attorney and they can go over with you exactly what your financial losses are and what you can seek damages for.

Starting a business is a lot more complicated than just selling a product or service and finding customers.  You  need to have the right legal structure for your business or you can face legal consequences.  Choosing the right legal structure for your business will depend on what type of business you have and which suits the situation.  Let’s look at your options so you can determine what will work for you and your business.

Sole Proprietor

This is the type of structure that most small business owners start out with, a sole proprietor could be any business from the neighborhood dog walker to your accountant that works from home.  A sole proprietor has one owner and they are completely responsible for the business, all decisions are theirs along with all of the financial responsibilities.  If you are a sole proprietor all of your business income gets declared on your personal tax return.

Partnership

A partnership is the same as a sole proprietor, except there are two or more of you running the business.  All partners share in the running of the business and collecting the profits, however it doesn’t mean it is an equal partnership.

Incorporating Your Business (INC or LTD)

When you incorporate your business that makes it an entity all by itself and the finances of the business are separate from that of the owners.  Lots of business owners choose this option because it allows you to avoid personal liability.  However for new or very small business owners it can be too expensive to set up and it means higher expenses and more paperwork for the business owner.

LLC (Limited Liability Corporation)

An LLC is much like a corporation giving you all of the same benefits such as protection for liability but with a lot less paperwork and it is cheaper.  Depending on the state where you get your LLC you can do it for less than $100.  You also don’t need to file as much paperwork with the state each year.

LLP (Limited Liability Partnership)

This is very similar to an LLC, giving you the same protection but there needs to be at least two owners.  It is an easy business structure to maintain but not as common as an LLC.

The type of structure that you ultimately choose can make a big difference both legally and financially.  Take the time to speak with an attorney and explain your business model, they can help you decide which is the better option to protect you legally and financially.