How Do I Tune-Up My Business?
September 25th is National Tune-Up Day. Just as you tune-up your heating system before winter arrives, you also need to periodically tune-up your business to keep it operating efficiently and effectively.
Start with the basics. Your entity formation and governing documents.
Re-read your LLC Operating Agreement or corporate Shareholder Agreement. Do you need to make any changes? Is your list of owners and officers up-to-date? Are you using a fictitious name (a “doing business as” name) that hasn’t been registered with the state?
General Contract Matters.
Find your contracts. You probably have a lot: vendors, suppliers, customers, employees, partners. Are you still okay with the pricing? Are any contracts about to expire? Do you want to revise or get out of any contracts?
Real Estate Contracts.
Covid-19 has turned the rental market upside down. Dust off your lease. Should your rent be raised or lowered? When does your lease expire? Are you on a month-to-month lease? Do you need to review your ‘force majeure’ clause in case of another unexpected government shutdown? Review your lease and determine whether you need to renegotiate.
Employment Law Compliance
You must periodically review your employee handbook. We live in a period of rapid changes in technology, culture, employment laws, and employee engagement. As your business grows, your interactions and expectations of your employees change. Take the time to review and revise your handbook.
Employee v. Independent Contractor.
Misclassifying a worker as an independent contractor can be expensive. Fines, back taxes, and attorneys’ fees quickly add up. The government is currently pushing for businesses to classify their workers as employees rather than independent contractors. Consult an attorney to determine whether your workers are employees or independent contractors.
Marketing & Advertising
While often overlooked, there are some significant laws that you need to know about marketing and advertising.
We all want creative ads. It is too easy to “borrow” images, recordings, and videos to add to your ads. Unfortunately, doing so often violates copyright and trademark law. Have an attorney review your advertising materials so that you do not receive a “cease-and-desist” letter or lawsuit.
Tax season is approaching. How are you managing your employee withholdings, quarterly income tax payments, and sales tax compliance? An experienced CPA or tax attorney can help you keep track of what is coming down the tax pipeline and avoid expensive problems in the future.
Contact Concerto Law for a Business Tune-Up
Concerto Law loves to help small businesses avoid compliance roadblocks. Call us today to schedule a Business Tune-Up.
We offer a 60-minute consultation for $300 and a 90-minute consultation for $450. During that time we assess your legal exposure, and prioritize the legal issues you want to address. A small investment now will save you future headaches, time, and money.