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  • Writer's pictureKen Mitchell-Phillips

10 Important Questions Regarding Your Business

1. Corporate Compliance: Is your business complying with company

and corporate formalities by drafting the proper resolutions, minutes, and similar documents that are required under state law.

2. Documents: Although there are quite a few self-help legal guides and pre-printed forms on the internet, are you taking too much of a significant risk by relying on these forms to protect your business and its assets. For example, are you contracts properly protecting you in the case of a dispute?

3. Employee Matters: Employment issues can be some of the most serious challenges facing your business. Do you have proper employment agreements, employee policies/handbooks, stock incentive or executive compensation arrangements, and performance review systems that can help protect you from wrongful discharge and discrimination lawsuits.

4. Amendments: Agreements often change or need changing over time. Are you sure your shareholder agreements, buy-sell agreements, operating agreements, and purchase agreements are up to date and protect you in the case of death, disability, or partner/shareholder deadlock.

5. Legal Counsel: Who will you turn to with even the smallest business decisions that may have legal ramifications in times of crisis to evaluate situations as they arise and provide you with timely advice and guidance.

6. Business Planning:Have your business plans taken into consideration the legal ramifications of your decisions in the future?

7. Minimize Risk:Are your polices and procedures clear, specific, and designed to minimize risk?

8. Negotiation: Do you have proper advice and legal guidance when negotiating commercial leases, purchase and sale of assets, and general contracts?

9. Raising Money: When you are seeking to raise money for your business, have you considered the legal ramifications if things don’t happen according to plan?

10. Licensing: Do you have all the proper licenses to operate in your county, city, and state?

Disclaimer: The following resource and all information contained in this article is for informational purposes only and do not constitute legal advice. This information is not intended to create an attorney-client relationship, and the receipt or viewing of it does not create or constitute an attorney-client relationship. You should not act upon any information contained in this article without consulting an attorney for individual advice regarding your own situation.

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