An annual legal checkup for your business is as important as the business owner’s annual physical with a doctor. A legal checkup is the perfect time for businesses to assess the current status of their legal documents and operations with their attorneys and receive detailed feedback and recommendations for improvements that their counsel can use to implement going forward.
Who Needs a Legal Checkup?
Every type of business, regardless of its size or industry, should consider a legal checkup due to the diverse range of legal issues that can affect them.
Startups need legal guidance to establish proper business structures, draft contracts, and ensure compliance with various regulations. Well-established businesses with a large workforce are covered by and must comply with ever-changing labor laws. Online businesses must focus on website terms of service, privacy policies, and intellectual property rights to protect their online assets and customer data. Medical and healthcare practices need to navigate complex healthcare regulations, patient confidentiality laws, and insurance requirements, making a legal checkup essential. Real estate and construction companies deal with intricate contracts, zoning laws, and permits, requiring legal oversight to avoid disputes and maintain compliance. The list is as long as there are types of businesses.
All types of businesses encounter a host of general and specific legal concerns. A legal checkup is a preventative measure that will help them identify their unique legal vulnerabilities, mitigate risks, and ensure compliance with the law.
When and How Often Does your Business Need a Legal Checkup?
Scheduling an annual legal checkup allows attorneys to use their expertise to proactively identify and address potential legal issues—even if you haven’t identified any specific legal matters yourself. For example, a labor law could impact the enforceability of important parts of your contract. If you are unaware of the law change but continue to use your contracts, you could unknowingly expose your business to penalties, unenforceable contracts, and other liabilities.
Having an annual check-in does not preclude more regular check-ins. It is ideal to seek legal guidance whenever a matter involving the law arises for your business. For example, when drafting or revising contracts, handling employee-related disputes, dealing with regulatory changes, adding personnel, or contemplating significant business transactions like buying or selling your business, seeking legal counsel is essential.
What Does a Legal Check-Up Include?
Businesses often make changes throughout the year that require updates to their legal documents. Our comprehensive review is tailored to the specific needs of a business and may include a range of topics, including the following:
- Review of Entity Structure & Compliance. We will review your current legal structure and ensure that you are compliant with the laws and regulations governing this entity structure. We’ll also assess whether you’re conducting business properly based on your registration with the secretary of state, and other licensing boards For example, if you are registered under one name, but you conduct business under another name, you may need to register a d/b/a or assumed name, and we’re here to help.
- Proper Employee Classification. Misclassifying employees can lead to legal troubles and financial penalties. We’ll explain the differences and work with you to put in place agreements and policies to correctly classify your workers as either full-time, part-time, or independent contractors. If challenged, it is the application of the law to the specific circumstances surrounding an employee’s work —not the employer’s choice—that determines the classification of a worker.
- Review of Agreements. A good contract establishes clarity for all aspects of a transaction and facilitates good business relationships, while a bad contract (or worse, no contract) often leads to costly disputes and broken business relationships. We’ll examine your employment agreements, vendor contracts, service agreements, and other contracts to make sure they protect your interests, facilitate the transaction, and comply with the latest legal standards.
- Preparing for 2024 Trends. The law is constantly evolving. We’ll discuss your industry and market trends and help you adapt your legal strategies to stay ahead in 2024.
- Preparing for Business Succession or Sale. We can review all corporate formation and ownership documents to make sure that you have in place the legal documents required to transition your business in whole, or in part to a new partner or owner.
What will you get out of your legal checkup?
At Skufca Law, your legal check-up generally includes the following:
- Comprehensive Consultation. A comprehensive consultation. This is your opportunity to discuss your specific concerns, objectives, and legal needs with your attorney.
- Review of Current Contracts. We will review your existing contract forms. This may include any contract type from your vendor contracts to employment agreements.
- Entity Formation and Status Check. We will confirm your business’s registration and compliance with legal formalities. If there are any concerns, changes, or additional document needed or recommended, we will advise accordingly.
- Confirmation of Compliance. We will assess whether your business is adhering to all applicable legal requirements. This includes licenses, permits, and industry-specific regulations. Ensuring compliance is essential to avoid legal complications down the road.
- Review of Industry Laws. We conduct a review of laws and regulations specific to your industry as the law stands and will keep you informed about any significant changes anticipated in the new year based on current legal trends.
- Miscellaneous Legal Matters. We may also address other legal concerns that are specific to your situation. These could concern intellectual property protection, employment law matters, additional liability protection, or any other issues that pertain to your unique circumstances.
Based on the information gathered during the check-up, we will provide suggestions and recommendations for any necessary legal improvements. These may include changes to your business structure, contracts, or internal policies to enhance legal protection and reduce risk.
The Benefits of a Legal Check-Up.
Investing time and resources in a legal check-up with Skufca Law can bring several benefits to your business. These benefits include:
- Risk Mitigation. Identifying and addressing legal issues early can prevent costly disputes and lawsuits.
- Strategic Planning. We’ll help align your legal strategies with your business goals for the coming year. Whether you’re looking to sell, transfer, or grow your business, it’s crucial to have your legal affairs in order, and we can help you navigate this complex process smoothly.
Don’t wait until legal challenges arise; be proactive and prepare your business for a prosperous New Year. Contact Skufca Law to schedule an appointment with our experienced legal team and let us help you achieve your business goals.