The Questions Every Business Must Ask
Has your business recently reviewed its legal structure?
Has your business recently reviewed its legal structure to determine whether it is set up in the most advantageous manner for legal and tax purposes, considering recent developments and changes in the law?
Do the owners of your business have a current, updated buy-sell agreement?
Do the owners of your business have a current, updated buy-sell agreement which controls how ownership interests in the business are to be transferred in the event of an owner’s death, disability or termination of employment?
Have the owners of your business developed a succession plan?
Have the owners of your business developed a succession plan to define how ownership and authority will transition upon the death or retirement of the present owners?
Has your business established an emergency management transition plan protocol?
Has your business established an emergency management transition plan protocol for management of the company if a key individual is suddenly incapacitated, deceased or otherwise unavailable?
Does your business conduct annual shareholders meetings and annual directors meetings?
Does your business conduct annual shareholders meetings and annual directors meetings, and regularly update its corporate minute book and stock book?
Has your business reviewed its obligations, potential liabilities and litigation risks?
Has your business reviewed its obligations, potential liabilities and litigation risks, and is it optimally situated to pay, dispose of and defend against these items? Have the owners of your business developed personal asset protection plans?
Does your business have updated contract forms?
Does your business have updated contract forms, which contain terms and conditions specifically designed to protect the interests of your business?
Does your business have an employee handbook?
Does your business have an employee handbook, and if so has it been updated to take into consideration recent changes in laws involving discrimination, rights of disabled employees, family medical leave, sexual harassment and social media?
Are the owners of your business up to date on the various employment law issues?
Are the owners of your business up to date on the various employment law issues that may affect the business?
When you hire employees, do you require them to sign confidentiality and nondisclosure agreements and/or non-competitive agreements?
When you hire employees, do you require them to sign (i) confidentiality and nondisclosure agreements to protect your valuable intellectual property, and (ii) non-competitive agreements which will prohibit them from soliciting your customers and competing with your business if they leave your employment?
Does your business have an executive compensation plan?
Does your business have an executive compensation plan designed to retain key employees and increase their commitment to the company?
Are the owners of your business considering growth?
Are the owners of your business considering growth through the acquisition of other companies?
Are the owners of your business considering selling the business to another company?
Are the owners of your business considering selling the business to another company? Has your business received inquiries from other companies interested in purchasing the business?
Has an owner of your business expressed a desire to separate?
Has an owner of your business expressed a desire to separate from the company and be bought out?
Do the owners of your business also own the real estate where the business is located?
Do the owners of your business also own the real estate where the business is located, and if so, has the legal structure of the real estate ownership been recently reviewed, considering recent developments and changes in the law?
Has your business developed a program for limiting its exposure to liabilities?
Has your business developed a program for limiting its exposure to liabilities under the various environmental laws?
