Are Your Legal Documents Current?
Cleaning and reorganizing are spring traditions. If you own a business, spring is also the perfect time to review and reorganize. You are in the process of filing and potentially paying taxes and may be beginning a new financial year. It is a great time to review the many different documents that may have an effect on next year’s taxes, such as contracts, leases, and licenses. With taxes due spring can be a busy time of year. You may not have the time or the expertise to do the review yourself. This is the time to schedule a consultation with your business attorney.
Your Business is Unique
Each business has unique needs. When you formed your business, you may have used basic form documents which served your purpose at the time. As your business grows and new laws are introduced, these agreements may no longer be sufficient to protect your business. It is difficult for many business owners to keep up with all the new laws that are being passed each year. Some of these new laws may have a negative impact on your business or may give your business an advantage that you are not currently aware of. Your attorney will review documents such as employee agreements, employee handbooks, and organizational documents to ensure that you are still protected and that you can take advantage of every opportunity afforded you by any new laws.
Contracts, Leases, Organizational Documents
Take a moment to think about all the documents you have protecting your business: contracts, leases, handbooks, organizational documents, and so many more. When was the last time you had them reviewed and who did the review? When was the last time you looked at them? If someone asked you a question about something in your employee handbook, would you know the answer? Some documents have filing deadlines such as taxes and annual reports. Are you on time with these filings or are you always scrambling at the last minute and requesting extensions? Your business attorney is a great resource that can help you get organized and keep you on schedule.
What is an Annual Legal Check Up?
Since each business is unique, each checkup will be unique to that business. In general, your attorney will review your list of documents to ensure that you have the documents in place that you need to protect your business. Then each document will be reviewed to ensure you are protected and that your document does not need to be amended or replaced due to new laws or regulations, or new court interpretations of various types of provisions in the documents. The first review, depending on the number of documents, could be a lengthy process. However, as you continue doing annual reviews, the process will become much easier because your attorney will know your business and understand your documents. An annual legal review will ensure that you will have updated documents which are necessary to ensure you and your business are protected.
Protect Your Business
How often do we think we are protected by a legal document such as a lease or a contract only to find out that we are not protected because of some obscure clause that we misunderstood or overlooked? This can be a very sobering and expensive oversight. You can avoid this incredibly stressful situation and protect your business by having an annual review of your legal documents. The economic and political environment of today is moving at an incredibly fast pace. Often, state, and federal laws are being passed quickly and without much media coverage on details that may impact your business. Documents that protected you yesterday may be obsolete due to legislative or regulatory changes, or new court interpretations. Today more than ever it is important to keep your legal documents up to date to ensure your business is protected. A legal review may also uncover new opportunities which have been put in place to help your business. Call your business attorney today to schedule a legal document annual review to ensure your business is still protected and to take advantage of any new opportunities that may help your company grow.