You may roll your eyes and picture your grandmother waggling her finger in your face saying, “An ounce of prevention is worth a pound of cure, young lady,” but she was right. How simple would it have been to floss regularly, instead of having to go through the time and expense of filling a cavity? My husband recently chose to undergo arthroscopic knee surgery for a meniscus tear.
Notice I say “chose.” He was in some discomfort, but the result of not dealing with it now could have meant more serious, invasive and expensive surgery later–not to mention the increased risk of never getting the full mobility he once had. [Crazy man, he’s back to running as he did before the surgery!] 🙂
Your business is no different. If you think of the legal foundation as the skeleton of your company, are you making sure that the bones don’t get brittle and break? Here are some of the different “bones” of your legal foundation:
- Entity formation and corporate formalities–have you been keeping up?
- Business ownership–are expectations clear with partners and investors?
- Financial issues–Any personal guaranties? Are you current on all bank loans?
- Contracts–Have you been meeting your obligations? Have others been meeting their obligations to you?
- Leases–Do you know the terms?
- Employee and ICs–Are you using them properly?
- Intellectual property–Have you protected yours and guarded against misuse of other people’s?
If you’re reading this with eyes glazed over, your business records and practices may not be fortified against potential claims and lawsuits. For an ounce of prevention, get a copy of my legal health checklist, Is Your Business Legally Healthy?, available through my GreatBusinessLawResources.com site. It will help you spot the areas where your bottom line could flatline!