Managing An Existing Business
Running a business is time consuming and stressful. Business owners sometimes do not have the time or resources to address the legal nuances of their business. That’s where DeAngelis Legal can assist. DeAngelis Legal assists hundreds of businesses in a variety of industries from technology to healthcare to construction with their on-going general business needs.
The most important service DeAngelis Legal provides is making sure the business entity will insulate the owners from the liabilities of the business. For corporations, this means that all annual reports are filed, shares issued, shareholder and director meeting minutes are signed and in the minute book and the shareholder agreement is up to date. For limited liability companies (LLCs) it means following the requirements of the operating agreement. It also means confirming that material transactions are approved and documented. In addition to establishing the separate legal existence of the entity, these actions also support the entity’s income tax returns and reduce the opportunity for disputes among the owners.
Some common questions to ask include:
- Are contracts and leases with related parties or entities properly approved?
- Is the corporate structure appropriate under the circumstances to insure maximum liability protection?
- Are the provisions of the Bylaws, Shareholders’ Agreement and Operating Agreements being followed or do they need to be updated?
Trying to re-create your minutes and material documents prior to a lawsuit or tax audit is time consuming and difficult. Once a lawsuit is filed, your ability to make necessary changes is limited. An ounce of prevention is worth a pound of cure. Let DeAngelis Legal clear up your documentation ills and act as your general counsel.
Contracts, Policies and Manuals
At some point or another most businesses run into a difficult situation with a vendor or customer. These situations are usually resolved pursuant to the contract, policy or manual of the business. Unfortunately, these documents are often prepared in house, and not reviewed by an attorney in advance, resulting in the answer to the dispute not being as clear as it should be. Periodically having DeAngelis Legal review the contracts, policies and handbooks can save you time, energy and expense resolve future issues by adding provisions that protect the business.
What happens when the manager dies or becomes disabled? This question arises for on-going businesses that have passed the start-up phase, but are not large enough to support a full executive team. Having a succession plan is important to insure the continued viability of the entity and allow sufficient time for the owners of the business to receive some value for its assets. A succession plan could be a simple who would run the day to day affairs to a complex series of options granted to family members, key employees or other persons knowledgeable in the industry. Having no set rules, each succession plan must be appropriate under the circumstances. DeAngelis Legal has the knowledge and experience to guide you through the maze of alternatives, avoiding major pitfalls and implementing a plan that works for your business. Call today to get the discussion rolling.