Whether you realize it or not, the start of a new year is an important time for business owners. Annual reports and tax returns are coming due. There is no better time to meet with your business law attorneys for a general consultation.
Right now, you should be thinking about the following issues:
- Preparing your business’s Annual Report to be filed with the Department of State;
- Preparing the information necessary to send W-2 Forms to your employees, and 1099 Forms to your contractors to whom you have paid more than $600.00;
- Gathering all bank statements and records of business expenses;
- Reviewing all forms and contracts used in the operation of your business to insure that they comply with annual changes to federal, state and local laws, and the terms thereof;
- Taking inventory of all intellectual property your company owns to insure that all renewal and maintenance documents and other requirements are up to date (business names, product names, domain names, patents, copyrights);
- Reviewing possible claims your company has against third parties for breaches of contracts, breaches of warranties or trademark, copyright or patent infringement;
- Taking inventory of your accounts payable and accounts receivable to determine whether legal counsel could be of assistance to increase your rate of collection, or defend disputed claims of vendors;
- Insurance requirements;
- Revising your company policies;
- Compliance with federal, state and local regulations governing your business;
- Reassessment of the value of any buildings, offices, land or real property owned to that your property taxes reflect today’s market value, not yesterday’s inflated values; and,
- Assessing your business’s need for capital – (i.e. – would the future of your business be better served with a loan or investment from the sale of stock or other interest in the business?).
We can help guide you through all of the above. You should also start contacting and interviewing accountants if you have not already. We can recommend accountants if you do not have one.