Companies and entrepreneurs must make a check and review your business tax. An economic recession is a good time for a complete check-up business and make proactive changes to be prepared to seize opportunities when the economy heats up! While this article addresses some of the key issues that should form part of any business a check-up, you should contact your lawyer for a
business review.
* Corporate governance: Assessing corporate governance and comply with all legal requirements (and recommended by the legal formalities of the local bar). Otherwise you may lose the protection offered by its limited liability company or limited liability company. Therefore, make sure their licenses are up to date, its annual report is filed and the corporate taxes paid. Also, have corporate resolution evidencing at least an annual meeting of shareholders / partners and board of directors / managers.
* Do not rely on verbal agreements! Reduced to obtain a written contract. Verbal agreements can be difficult to prove if a dispute ever arises.
* Check your (written) contracts and forms: Address key provisions of contracts (ie, dispute resolution, venue, security, liability limits, etc..) Ensure up to date, your financial terms or meet the pace of competition, and its guarantee to reflect industry standards. Make sure you understand its form and deal with the "Battle of Forms".
* Review of employment policies and procedures: to ensure the posters and ads are updated and published properly. For new hires after April 3, 2009, make sure you are using the new Form I-9 (for employment verification). Also, make sure you (or your company's payroll) has been adjusted to its employees' payroll deductions to reflect the recent tax legislation. Determine each employee of the duties and responsibilities, lines of authority and look for ways to improve your bottom line (or cost reduction). Involve your employees in an honest and open debate on the state of your company. "Ask your suggestions and ways to improve its efficiency, job satisfaction of marketing to their customers. Train employees (especially under-employed or underemployed) on marketing and cross-selling of their products and services.
* Protect Your Intellectual Property: Are you maximizing their intellectual property rights, including trade secrets and confidential / proprietary information? Essential implement protective measures, such as confidentiality, non-disclosure or non-competition agreements with its employees, suppliers, customers and potential business partners. Monitor and enforce their rights in their intellectual property. Address of any violation or risk of diluting or even losing their rights. Also, any other violation of rights and obtain licensing (eg, software licensing, licensing for ASCAP music played in stores and on their phone system).
* Inventory and assess all its obligations do not stop at the list of all its loans, credits and debts with suppliers open. Address known and potential problems and / or problems with customers, competitors and suppliers who can be proactive. Mitigate and avoid potential liabilities as much as possible. A thorough review of its insurance business and ensure you have the right coverage (s) and amounts of risk. If you are experiencing liquidity problems, be proactive! Prioritize their responsibilities and have a plan and communicate with your lender, the owner and seller.
* Check your insurance and group benefit plans: A review of the terms and benefits of group insurance plans (ie, health, life and disability) that provides its employees. To determine whether these plans are competitively priced - do they reflect the market conditions? Also compare the benefits and the necessary contributions to its employee competence - to make the maximum contribution to business employee? Does your competition still offer coverage to spouses and dependents?
* Business Continuation Planning: Updating your business continuity plan - or create one if you do not have one! Who will manage the business or if other people die, become disabled or leave? Consider purchasing life insurance and / or key man insurance (active) business owners and key employees - at least to cover the "replacement" costs (ie, a recruiter for the fees and / or the fees charged by a management consultant, which may temporarily filling until the business is sold or stabilized). Develop and implement a business plan for disaster: are you prepared to handle a natural disaster or accident (such as fire or flood) that may prevent you, your employees or customers access to your store, factory, data, records or inventory. What would you do if your business lost a major supplier, customer or piece of equipment?
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