Even for something as important as our personal health, many of us have a tendency to put off our periodic “check up” even though we know we should do it and afterwards are almost always glad we went through with it. Well, the same is true for your business.
Postponing dealing with some of the more common legal issues that confront a business can lead to more complicated – and more expensive – legal problems down the road. While every business and every industry is different, here are some of the typical issues that can come back to haunt any business if you ignore them for too long:
- Not properly protecting your customer lists, marketing data and other critical proprietary information against misappropriation. Just how safe is your data?
- Using poorly drafted invoices/customer terms and conditions.
- Failing to adequately and consistently document employee performance problems.
- Not having a Buy-Sell Agreement that accurately reflects your understanding with your business partners and addresses possible future changes.
- Not having an up to date Employee Handbook.
- Determining whether you own your personal, business and real estate assets in the way that best protects them from liability and minimizes your tax obligations.
- Making sure you fully understand your lease and the various contracts your vendors and customers have you sign.
- Keeping your corporate Minute Book up-to-date and ensuring your corporation is in full compliance with the law.
These are just a few examples of the areas that you can review if you set an annual check up for your business.