With the advent of Spring (at least meteorologically), now is as good a time as any for businesses to take the opportunity to conduct a legal spring clean, examining key aspects of the business to identify and address areas of weakness and plot a way through what are still difficult economic conditions.
A few areas that may need considering include:
Business Structure – is your current business structure right for you? If you are a limited company do you have a suitable shareholders agreement in place (or, if you are a partnership, do you have a partnership agreement or should you be considering converting to a Limited Liability Partnership)?
Key Employees – are you dependent on a small number of key employees? Do you have appropriate contracts of employment in place for them? Do those contracts have appropriate, enforceable restrictive covenants in place to help prevent your competitors poaching these employees?
Key Customers and Suppliers – what contractual arrangements do you have with customers and suppliers? Do you have standard terms and conditions of business and, if so, are they fit for purpose?
Premises – if you are a leaseholder, is it time to review the lease and perhaps re-negotiate some of its terms?
Compliance – are you able to comply with all of your corporate and regulatory liabilities?
Intellectual Property – is your brand sufficiently protected?
Debts – are you owed money? Do you have appropriate credit control procedures in place?
A question business owners might ask themselves is this: If I were to put my business up for sale tomorrow, would it be in good enough condition to get me the best price?
A legal spring clean can go some way to ensuring that your business is in the best possible condition.
For further advice please contact us at firstname.lastname@example.org.