One way for small businesses to save money, minimize risk, and anticipate potential problems is to have an attorney review the legal aspects of the business at least once a year. Typically, the best time for this annual legal audit is a month or so before the end of the business’s taxable year.
Mike reviews all aspects of his clients’ businesses and provides his clients with a thorough and detailed assessment of the potential legal risks the business faces in its current form and recommends solutions to protect the business from such risks. The following is a partial list of the issues Mike reviews in performing an annual legal audit for his clients:
basic documents related to the business itself such as articles of incorporation, bylaws, stock transfer records, operating agreements, and partnership agreements;
employment agreements;
all leases, licensing agreements, and other contracts with third parties;
insurance policies;
all standardized contract forms used by the business;
internal policy and procedural manuals;
regulatory compliance;
structural changes in the business organization;
filing of annual reports with the Secretary of State and other regulatory bodies;
pending and potential litigation involving the business; and
recent legal developments affecting the business.