 |
 |
Your New Year’s Legal CheckupJanuary 23, 2012
​The end of the year is often a busy time for business owners and other individuals. It is easy to let some seemingly less pressing business and personal legal updates get pushed aside until the new year. Of course, when the new year starts, different challenges and time commitments can cause people to forget about those basic, yet important, legal matters. So as 2012 begins, perhaps it is time for a legal checkup ​ Some key items that should be periodically reviewed and updated include:
Corporate filings/meetings- Corporations and limited liability companies are required to file annual reports with the Secretary of State each year. The failure to make this simple filing probably causes more administrative suspensions and dissolutions than any other mistake. In addition, each corporate entity needs to hold an annual meeting, and minutes should be recorded and added to the corporate record book. Taking the time to make sure these items have been done will ensure that your corporation or limited liability company maintains its effectiveness and protects you from personal liability.
Wills/estate planning- A surprisingly substantial number of individuals have never had a will prepared or have one that is decades old and outdated. If there have been substantial changes in your income, assets or marital status, if you have added children, or if your children have reached adulthood, it is time to have your estate planning documents reviewed and updated. Otherwise, if something happens to you, the distribution of your estate, the disposition of your assets and even the custody of your children could be something other than you desire.
Other issues- Perhaps some of your company’s contracts are unfavorable or have expired. This may be an opportunity for you to negotiate in order to obtain more beneficial terms. Maybe your corporation has never adopted bylaws or your limited liability company has never adopted an operating agreement. If you have business partners, you may need a buy-sell agreement. The new year is an excellent time to make sure you are getting the most out of your business endeavors.
Making sure your legal matters are in order can help you position yourself and your business for a profitable 2012. No Comments »No comments yet. RSS feed for comments on this post. TrackBack URL Leave a comment |
 Blog Menu |
 |
1720 Hillsborough St | Suite 200 Raleigh, NC 27605 919-510-8585 919-510-8570 fax |
1200 East Morehead St | Suite 251 Charlotte, NC 28204 704-496-7495 704-496-7480 fax |
The information contained on our website, video blogs, newsletters or blogs is provided as general information as a public service. Neither the presentation of this information or the use of this information creates an attorney-client relationship with the firm or any of the attorneys at Vann & Sheridan, LLP. The information provided in the website, blogs, video blogs and newsletters are based upon general information for North Carolina law.
The information contained in this website, video blogs, newsletters or blogs is not intended to create an attorney-client relationship and is therefore not legal advice. Legal advice should be tailored to the specific situation and fact pattern of each case, thus, nothing provided herein should be used as legal advice given the general nature of this information. Please note that Vann & Sheridan, LLP and Attorneys are unable to provide legal advice via email for people or companies who are not established clients of Vann & Sheridan Attorneys at Law. Sending us details of your legal issue(s) via email does not constitute an attorney-client relationship.