Health & Fitness
Legal Matters Checklist for Small Business Owners
Is your business compliant with this list of basics?
Nearly every small business would benefit from the list below. How many can your business check off on this list?
Buy-Sell Agreement. A must-have for every business with more than one owner. Why? Control. Control by you (or your heirs) to reap the value of your business interests, and control by you to determine who your business partners are.
Corporate Formalities. Need By-laws or an Operating Agreement. Ideally hold at least annual meetings of the owners and of board members, and record minutes of significant decisions and actions.
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Corporate Record Book. Use it to store organizational documents, records of share/membership unit ownership, the business tax ID number, contracts and other especially important documents.
Separate Business Bank Account. Keep business money separate from the owners’ personal funds.
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Up-to-Date Registration with Secretary of State. Company will be administratively terminated if an annual renewal is not filed.
Employee Handbook.
Protection of Intellectual Property and Confidential Information.
Business Valuation that is Reasonably Current. Aids owners’ expectations and owners’ estate planning.
Succession Plan for Eventual Transfer of Ownership & Management of the Business. Will the business be sold? Transferred to co-owners or family members? How will the owners’ get cash/income?
©2014 Wittenburg Law Office, PLLC. All rights reserved.
Disclaimer: This Blog is for informational purposes only and is not to be construed as legal advice. If you have questions, please seek the advice of an attorney. An attorney-client relationship is not formed by reading this Blog. If you are interested in Wittenburg Law’s representation of you, you must contact Wittenburg Law for a determination of whether your matter is one for which Wittenburg Law is willing and able to accept representation of you.
Bonnie Wittenburg, Wittenburg Law Office, PLLC, 601 Carlson Parkway, Suite 1050 Minnetonka, MN 55305 952-649-9771 bonnie@bwittenburglaw.com www.bwittenburglaw.com
