Fall Business Maintenance

Nov 16, 2018 lifefocusplanning-admin

It is fall in Michigan (even though it certainly looks and feels like winter), and now is the time to prepare for a productive new year. For small business owners, you should be considering ways to improve your operations in 2019. One way is to review your business documents. This is important for a small business owner, because dealing with legal issues before they become problems reduces costs and increases your chances of a successful outcome.

When was the last time your reviewed any of the following:

Are your Michigan Annual Reports up to date

Yes / No

Have you registered any Assumed Names

Yes / No

Are your agreements (Operating Agreement / Bylaws) up to date?

Yes / No

When was the last time you held an Annual Meeting?

Are your corporate record books accurate and up to date?

Yes / No

Do you have a current list of shareholders/members?

Yes / No

Do you have a written buy/sell agreement?

Yes / No

Current, Pending, or Anticipated Actions and/or Litigation

Yes / No

Intellectual Property (Patents, Trademarks, Trade Secrets, Technology, etc.)

Yes / No

Asset inventory

Yes / No

Contracts up to date

Yes / No

Customer List

Yes / No

Leases

Yes / No

Permits and Licenses

Yes / No

Employment agreements reviewed

Yes / No

Key person reviews

Yes / No

Employee Handbooks

Yes / No

Confidentiality agreements

Yes / No

Non-compete agreements

Yes / No

Businesses often run on handshake agreements, even between partners, but putting those agreements into writing is essential to ensuring the success of your business. Contracts determine the actions of each party and the outcome if the contract is breached.

Contracts are most commonly used by small businesses for employees, to cover real estate purchases and leases, for the purchase or sale of goods or services, in creditor/debtor relationships, and in marketing or licensing agreements. If you are not using contracts to define your business relationships, you should consider the following risks: the potential for lost business opportunities, litigation (and the related expense), misunderstandings, and uncertainty. If you have not yet experienced the troubles associated with having a bad agreement or no agreement at all, why wait. Take action to protect yourself and your business and contact me at (248) 409-0256 to help you with this fall maintenance so you can have a more productive 2019.

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