3 Year-End Business Legal Tips

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As business owners turn their attention to the fourth quarter, their minds turn to what needs to be done before year end.  Most successful organizations are good at their business and don’t have a lot of legal issues so their corporate records get overlooked or pushed to the bottom of the pile, year after year.  Don’t let this happen to you.  The 3 year-end business legal tips we like are below.

1. Review Corporate Agreements.  Review property leases, employment agreements, vendor agreements and customer agreements.  These documents are often created and modified in a rush and may not be accurate.  Make sure to update the terms or amend provisions where the terms have changed.

2. Review Corporate Records and LLC Operating Agreements.  For corporations, hold director and shareholder meetings and prepare minutes or consents in lieu of the meetings for the minute book.  For LLCs, review operating agreements in light of what has happened over the year and determine if any additional meetings or approvals are necessary to comply with its provisions. Failure to hold the annual meeting or comply with an operating agreement may permit a creditor to pierce the corporate veil or expose a member to breach of contract claim.

3. Strategic Planning.  By now your organization should know what it needs to do for the rest of the year and it is time for you start focusing on 2017. Block out time to identify strategic planning goals and objectives and develop one, five and ten year strategic plans within your organization.  The plans may change from year to year, but by communicating your objectives, your team will understand the bigger picture of where your organization is headed and hopefully will help you get there.

If you need assistance with these 3 year-end business legal tips, give DeAngelis Legal a call at 480-281-1512.

By |2018-08-11T16:59:29+00:00October 28th, 2016|Past Newsletters, Business Services|Comments Off on 3 Year-End Business Legal Tips