It's Time for Your 2023 Legal Checkup
A legal checkup can be just as important as a regular checkup with your doctor. Similar to a medical checkup, not paying attention to your business's practices can be just as harmful as ignoring dizziness or a pain in your chest.
If your company is a limited liability company (LLC), you likely have different legal requirements than a sole proprietorship, partnership, or corporation. However, certain issues apply across the board no matter how you structure your business.
When to renew business licenses, insurance policies, and any other legally required permits.
When to renew your business's state registration, including required annual reports.
Review your LLC Agreement or Partnership Agreement.
Confirm the availability of your tax professional, then update your calendar for when to file and pay taxes.
Figure out whether your business structure still fits your growth and goals. For example, perhaps you are a sole proprietor who needs to form a corporation based on your business's growth.
Identify any intellectual property (IP) that needs protection. This could be new logos, branding, designs, products, website pages, and more.
Review and update your vendor or third-party supplier agreements.
Review, update, or renew your Lease Agreement.
Review and update marketing or advertising campaigns.
Review your staffing needs.
Review your legal compliance
Check your state's filing requirements.
Pay your state taxes and license fees.
Stay updated on federal filing requirements.
Keep organized written records.
Adapt to constantly changing laws.
Preparation and review are always better than trying to catch up and fix issues that you missed. It often takes less time and money to make sure you are running your business legally than to go back and pay penalties.