Fit Business Evaluation
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This short presentation from Georgia business law firm HunterMaclean provides overview information on four important aspects of your business's legal "fitness": Business Structure, Employment, Agreements and Contracts, and Business Succession. The presentation contains links to articles with more information on each topic.
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Fit Business Evaluation
- 1. SAVANNAH tel 912.236.0261 BRUNSWICK tel 912.262.5996 H U N T E R M A C L E A N . C O M Fit Test Your Business You work hard to be in good shape for the long haul. Is your business as fit as you are?
- 2. Fit Test Overview Evaluate Your Business Structure Perform Employment Self-Audits Evaluate Your Agreements with Partners, Vendors, Suppliers, and Customers Review your Business Succession Plan (or create one)
- 4. Types of Entities Sole Proprietorship Corporation • “Close” Corporations • “C” vs. “S” Corporation Partnership • General • Limited Limited Liability Company (LLC)
- 5. Evaluate Your Business Structure Even business owners who have already established a structure for their organization benefit from taking some time to reassess what best suits their goals. Between sole proprietorships, more formal corporations with shareholders, directors and officers, general and limited partnerships, and LLCs, there is a great deal of variety in business structures. As is true in many endeavors, with greater control tends to come greater liability. – From David Burkoff’s article Legal Checklist for Success as you Grow Your Business. Click for the full article. See also: Choosing an Entity for Your Business, by Tom Cullen
- 7. Employment Self-Audits Employers should consider these important self- audits: • Are workers correctly identified? • Are employees appropriately classified? • Are all Forms I-9 complete and accurate? • Is your job application form complete and legal? • Is your employee handbook adequate?
- 8. Employment Self-Audits Every Georgia employer is required to comply with workforce regulations dictated by the Internal Revenue Service (IRS), the U.S. Department of Labor, the Georgia Department of Labor, and the Department of Homeland Security, among others. Often, businesses are not aware that they are out of compliance, and those oversights can be costly. A business owner’s best means of preventing serious repercussions from government investigations and lawsuits is to conduct regular internal self- audits to identify and rectify issues before they are flagged by a regulating agency. – From Sarah Lamar’s article The Top Five Self-Audits Every Employer Should Perform. Click for the full article and more detail on each audit. See also: Employee or Independent Contractor? The Basics for Business Owners, by Wade W. Herring, II
- 10. Agreements: Your Buy/Sell Agreement Many companies create a Buy/Sell (or buyout) agreement with partners when they set up a company, but many do not update it as the business grows and changes. The Pure Business Seminar on Buy/Sell Agreements brought together professionals from tax planning, valuation, wealth management, and legal counsel to address this important document. Watch the highlight video Watch the full program
- 11. More Resources for Contracts/Agreements A business will enter into many important contracts, including vendors, customers, employees, loans, lease agreements, and more. Here are some additional resources: • Understanding Business Contracts, by Ben Hartman • The Power and Pitfalls of Indemnity Clauses in Contracts, by Nick Laybourn • Business Contracts: Understanding the Ties That Bind, by Allan Galis • Good Credit Practices to Minimize Business Losses, by Edgar Smith
- 12. Review your Business Succession Plan (or create one)
- 13. Business Succession A recent PNC Bank survey of business owners found that 77 percent of business owners have a will, but only 33 percent have a succession plan in place for their business. The absence of a solid succession plan can run an established company off the rails when a leadership transition occurs. – From Plan for Strategic Business Succession, by Ben Hartman See also Exit Planning Strategies, by Daniel Crook
- 14. How fit is your business?
- 15. We can help. SAVANNAH tel 912.236.0261 BRUNSWICK tel 912.262.5996 H U N T E R M A C L E A N . C O M