Business Audits
Is your business entity half-formed? If so, your liability shield may not be in place. Many small business owners are in this position because they’ve set it up themselves – or they’ve paid a non-lawyer to do it and it didn’t get done right or done completely. Filing on Sunbiz and on the IRS website are just two of the many legal requirements necessary for forming a corporation or LLC in Florida. When the other steps are missed this puts small business owners in a risky spot. If you are worried that your corporation or LLC didn’t get set up properly, we can do an audit and fill in the gaps.
Frequently Asked Questions
What’s a legal audit?
At The Legal Department, we conduct legal audits on corporations and LLCs to make sure they were set up correctly and have been governed correctly over time. We look to see what is already in place and what is missing. We also see what may need to be changed – to comply with regulations or fix errors. When we’re finished, the entity is fully set up with all the documents it needs to function properly. When done right, the business entity will provide protection for its owners.
Who needs a legal audit?
Everyone can benefit from having a legal audit conducted on their business! Let’s face it, small business owners have a lot going on. There’s no judgment here, but we know there are things that just don’t get done. Whether you did a DIY startup or things have changed over the years, it’s always a good time to take a look at the most basic foundation of your business – the liability shield. If you would like to talk to us about a legal audit, we’d be happy to help.
When should you conduct a legal audit?
Once a small business owner realizes that they have a half-formed business, most of them want to fix the situation right away. Don’t wait until you are applying for a government designation or a loan to realize you don’t have all the formation documents they’re requesting. Having all your documents in order can help keep you and your business safe in the event you have a conflict with a business partner or client. The best time to act is now, by being proactive.
Why is a legal audit necessary?
At The Legal Department, we view a corporation or an LLC as a “container” and if the container isn’t solid, problems can leak out or seep in. In order to keep your liability shield in place, your business must be up to date on all regulatory compliance and procedures, otherwise you’ll be left unprotected.
Focus on these specific areas in your business to build stronger legal infrastructure:
Entity Structure
The type, organization, structure, and governance of your business is the most basic aspect of your foundation.
Regulatory Compliance
Many service professionals are governed by specialized rules and regulations in addition to general regulations.
Client Relationships
Having direct, honest relationships with your clients is the key to repeat business, referrals, and long-term success.
Vendor Relationships
When you’re the client, understanding the agreement and how the relationship should work is critical.
Worker Relationships
Relationships with an employee or independent contractor need to be defined to protect your business and clients.
Owner Relationships
Without structure or guidelines to establish expectations and accountability, business partners can pose a high risk.
Trademarks
An important part of protecting your brand is making sure your trademark rights are in place.
Copyrights
Copyrights capture a broad range of things you create for your business or for your clients.
Check out our journal posts below for more information on this topic:
Here’s what our clients are saying:
“Laurie’s guidance has lifted a huge weight from my shoulders. When running a tiny business, there is always something to “worry” about. The Legal Department took a whole list of those worries off my plate.”
“Laurie, was very professional and knowledgeable. She has everything you need laid out in small digestible pieces. She made sense of the legal situation for me.”
“I would definitely recommend The Legal Department to other small businesses! Laurie was knowledgeable and professional, but most of all she was genuine and caring. Great job all around!”
