2015 is right around the corner and it’s time for you to schedule your annual legal checkup. Many legal problems that clients encounter can be prevented or minimized by meeting with your attorney yearly to review your insurance coverage, business maintenance, estate planning, retirement planning or investments. The costs of legal checkups can more than pay for themselves, whether it is an analysis of your business or personal matters, or both.
Most small and mid-size businesses do not adopt thorough preventative measures via a yearly legal health report with their attorney – despite not typically having in-house counsel. The inevitable changes in your business can be planned for, whether they are due to economic shifts, growth of the business, regulatory changes or a change in a business owner’s circumstances.
A legal checkup includes a review of the records and practices of your business, including
- Loan Agreements
- Employment Agreements
- Employee Handbooks
- Licenses & Permits
- Regulatory Compliance
- Corporate Charter
- Operating Agreements
- Individual’s Business Risk
- Financial & Tax Matters
- Expansion Plans
- Possible Litigation Issues
- Insurance, Liability & Indemnity
- Real Estate & Property Matters
While larger businesses are more likely to need a more thorough review, sole proprietors are just as likely to come up against legal road blocks and have more difficulties managing them both financially and concurrently with the demands of their business.
Long term planning can also be a tool that helps with the growth of your business, not only by making sure it is healthy, but also by putting in place processes that will benefit future growth and expansion.
For some business owners, a legal checkup may also include an analysis of the personal financial risk and implement measures to protect against a failing business or venture.
Just like a yearly medical checkup from your doctor, a legal checkup will monitor your business, put in place protections, and leave you confident in your business for the coming year.
To speak with one of Jones Morrison’s attorneys about scheduling a meeting regarding your business, estate planning, and retirement plans, or personal asset management call us today at (914) 713.9311.