Magazine article The CPA Journal

PCPS Survey Shows Legal Liability Biggest Concern

Magazine article The CPA Journal

PCPS Survey Shows Legal Liability Biggest Concern

Article excerpt

Lawsuits, the deficit, and the current economic climate are grabbing the nation's small business owners, accordmg to fne fourth annual PCPS Small Business Survey, conducted by the Private Companies Practice Section (PCPS) of the AICPA.

The survey, which polled small business owners nationwide, aimed to gain insight on the issues affecting privately held companies. Two thousand surveys were sent to owners of companies with annual revenues between $500,000 and $25 million, with a response rate of 12.4% (239 completed surveys).

The small business owners responding to the four-page survey noted the current legal environment as one of their biggest concerns. An overwhelming 95.4% felt the number of frivolous lawsuits is increasing, and 85% favor a Federal limit on punitive damages. Over half of the respondents stated that their exposure to liability had increased over the past five years with contractual matters and personal injury claims the largest problem.

President Clinton got poor ratings and support from those surveyed. …

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