Conducting an annual legal checkup for your business can help prevent legal issues from arising in the future. As a business owner, checking off the boxes of your annual legal review with an experienced business attorney is a proactive approach that can help to protect your business interests in the new year. Here are some common steps many businesses can take each year:
Review New or Revised Laws That Affect Your Business
Rules can change, regulations can be adjusted and business codes can evolve. Ask your business attorney to discuss these changes and take the time to review them at a local, national, and international level (if needed) to see how they may affect your business. For example, Florida overhauled its LLC act in 2014 requiring revisions or re-drafting of LLC’s operating agreements.
Ensure Renewals of Corporate Filings and any Business Licenses
In the upcoming year, your business may have corporate filings that require renewal, or there may be new licensing or registration requirements that you needs to complete. Ask your business attorney about them and make certain they are completed in a timely fashion.
Analyze Internal Corporate Structure
Assess the growth of your business to confirm that your current business structure makes sense and continues to meet your needs.
Analyze Contracts and Agreements
Review contracts with customers, suppliers, vendors, and/or contractors. Evaluate the contracts and make any revisions needed to safeguard your business and minimize any potential risks.
Employee Handbooks and Policies
Workplace protections and rules of interaction among co-workers are vital not just for legal liability but also to improve productivity, so make sure your policies are compliant with state and federal labor laws and also match your company’s culture. You will also want to ensure all of your employment agreements, restrictive covenants, non-competes, and non-solicitations are updated and adequately protect your business interests.
Risk Assessment and Insurance, Both Liability and Property
Ensure that you have the right insurance policies to cover any real estate, physical plant and equipment without overpaying for anything you do not need for the next year.
Areas of Potential Litigation
Evaluate your business relationships and contracts to ensure that you are compliant and there is no lingering issue or dispute that could lead to litigation. Having an attorney review your agreements, correspond on your behalf, and create a record, may be key in successfully defending against or prosecuting litigation.
Evaluate Business Practices
An annual review of your business practices is not only good for your long-term business success, it is also essential for keeping you out of legal trouble. Be proactive with your business and evaluate your operations to make sure you are legally secure.
Marshall Grant, PLLC is a leading results-driven law firm based out of Boca Raton, Florida that provides sophisticated corporate and transactional services and business law advice to individuals and small and large companies in a variety of industries. The firm also provides services in the areas of commercial and civil litigation, bankruptcy, employment, real estate law throughout Florida. For more information, please contact Marshall Grant, PLLC at 561.361.1000 or [email protected].
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