As the year end approaches, there are some important questions to ask yourself about your business. Where does your company currently stand financially? What do you plan to achieve in the upcoming year and next five years? In order to answer some of these important questions, the first thing to do, is conduct a year end clean-up for your business.
The first recommendation is to check all your contracts and agreements currently in place, and see if there are any amendments, updates, or law changes that need to be made in the document. If contract and/or agreements need to be updated and have not been done so already, this would be the perfect time to update them for the upcoming New Year.
Secondly, your corporate binders should be updated, as they include all the important legal documents that manage your business. The incorporation documents, the bylaws or operating agreements of your business, the policies and procedures, as well as the minutes from the meetings need to be updated on a bi-annual or annual basis to make sure they comply with the Florida Statutes and new laws in effect.
Another thing to clean up is your employee, independent contractor, and/ or vendor agreements, as they should comply with the current laws, should have a good standing effective date, and still be up to date. Many times when we are retained, we find our client’s agreements are outdated or non-compliant with Florida laws. Maintaining and updating your business paperwork can take a lot of time and effort; however it is a necessary step that needs to be done on a yearly basis, in order for you to run your business effectively and successfully!
If you have any questions about conducting a year end clean-up for your business, feel free to contact your Business Law Attorney today, we will be happy to assist you through this process!