8 Things You Should Discuss Regularly with Your Business LawyerJuly 17, 2015
The secret to a successful long-term business is planning with your attorney regularly
Your business attorney can help you have a successful long-term business. By providing advice, guidance, and legal support, a thoughtful business attorney can help you focus on your company to maintain profits and avoid contentious legal issues. There are certain issues that you need to discuss with your business attorney regularly, to be better prepared to manage successfully and run your company. Here is a list of 8 important considerations that you should discuss regularly with your business lawyer.
1. 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.
2. Ensure Renewals of Corporate Filings and any Business Licenses
You may have corporate filings that require renewal, or there may be new licensing or registration requirements that your business needs to complete. Ask your business attorney about them and make certain they are completed in a timely fashion.
3. Analyze Contracts and Agreements
You may have contracts with outside vendors, suppliers, distributors and/or contractors. Analyze them and discuss with your business attorney to make any appropriate changes.
4. Analyze Internal Corporate Structure
Review your internal corporate structure in depth with your counsel. Ensure that your structure meets your business needs and affords you protections.
5. Examine Real Estate Holdings
Discuss and analyze how real estate is held and the impact upon your business. Review your real estate holdings with your attorney to see if there is any need to alter and/or modify your holdings.
6. Examine Employee Status
Assess the status of your employees and their legal classifications. A regular analysis of job functions and status can avoid tax and labor legal implications.
7. Evaluate Business Practices
Reviewing 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 review your operations to make sure you are legally secure.
8. Discuss Future Plans
What are your plans for the future? How will your plans effect the legal stability of your business? Tell your business attorney about your plans so that growth prospects or exit strategies can be implemented. Being proactive in legal planning can ensure profitability in operations and maximizing your return when selling your business.
Take the time to review these topics with your attorney every year, and your business will more prepared to deal with the complex legal system and be more likely to succeed. For more information on what you should be discussing with your attorney each year contact us today!