Saturday, May 25, 2024

Essential items for business owners to accomplish in January

As the new year begins, it is easy to update your legal, administrative, and organizational actions.  Here’s a short to-do checklist.

Hold your annual shareholder’s meeting.

If your small business is a corporation, there is a legal requirement to hold an annual meeting of shareholders. For corporations with only few shareholders, this may easily be accomplished through a written consent in lieu of the meeting. Whether you have an in-person meeting or meeting by written consent, you will need to re-elect your directors for the upcoming year and you may also want to shuffle your officer appointments.

Review your contracts.

The dawn of a new year is a great time to review your supplier and customer contracts. Coordinate the termination dates and check to see if there were any changes that went into effect January 1. It is also great to check that all your contracts are executed and include all exhibits and schedules. While reviewing the admin issues with your contracts, you may want to review the business terms to ensure you are receiving the best rates available for the new year.

Review business permits and assumed name certificates.

Sometimes permits and d/b/a filings expire at the end of a year. Use your new year review to make sure you are not surprised.

Review insurance policies.

Once you put policies in place, it is easy to forget about them. Check your policies again at the end of this year to make sure the coverage remains optimal, and that you are still receiving the best deal available. You may want to shop your business to find better coverages and costs.

Contact your business attorney at Hammerle Finley Law Firm to discuss these annual action items.

Brad Hogan is a seasoned business law attorney with Hammerle Finley Law Firm.  He served as a Lieutenant in the United States Navy’s Submarine Service and was the Military Attaché in Yemen overseeing bi-lateral U.S.-Yemen security planning and training of counter-terrorist special forces in support of Operation Enduring Freedom.

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CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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