22 Mar When was the last time you gave your business a legal health check?
What is the overall legal health of your business?
Andrew Dongworth, Company and Commercial Lawyer at HRJ Foreman Laws Solicitors, provides a few helpful points to determine if your business is legally healthy, or if you’re putting yourself at risk.
Company structure / ownership documents
If you have a shareholders or partnership agreement, does your agreement continue to cover all eventualities? Also consider if your agreement still accurately reflects your future plans for the business and for its successors. If you do not have an agreement, have you considered how you would deal with events such as the death of a shareholder, a shareholder wanting to leave or the sale of the business? These should all be considered and catered for in your agreement. Preparation is key and will ensure that these events can be managed with little disruption to your business.
Update your business contracts
When did you last review your business contracts? You’ll have contracts with employees, suppliers and customers. Are they all drafted properly and are they still fully relevant to your business today? Just a simple check across all your contracts will help to reduce risks and potential legal disputes with your business.
You may have expanded into new business areas, began trading online, or opened new premises. Are all the intellectual property rights held by your business documented correctly? Do your terms and conditions for sales still stack up with your current business model and cover all products or services you are providing? Terms and conditions for customers must also be easy to find. If you have a website, are they featured there? Is your website cookie policy and privacy policy up to date?
Get your employment contracts in order
When it comes to your employees, are the terms and conditions of your employment contracts up to date? Are they still relevant to your business today? What about your staff handbooks and employment policies? Do you need to get them reviewed to ensure they are supporting your business today? You may have changed employees working hours or you may need to make redundancies. Our employment law experts will guide you every step of the way.
Compliance
As well as the GDPR there are a range of regulations applicable to every business, covering employees, finances and consumer statutory rights. In addition you may have additional industry regulations which must be adhered to. Is your legal process for monitoring and staying of top of these regulations effective? When were they last reviewed by a legal expert?
Your legal partner
If you need to focus upon the day-to-day demands of the business, your solicitor should be one that you trust to take care of your legal issues for you. Does your solicitor understand your business and are they taking the time needed to provide personal advice to meet your specific needs? Finally are you confident that they are doing so in the most efficient way to keep your business legally healthy?
For legal advice
- Email info@hrjforemanlaws.co.uk
- Call Hitchin, 01462 457711, Welwyn Garden City, 01707 887700, Old Harlow 01279 709 100.
- Complete our contact form here
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