This is the time of year when everyone is making resolutions to lose weight, spend less, and save more. New Years is a great time to make changes in your life and it’s also a smart time of year to make sure your business law obligations are in order. The end of the year is a busy time for every business owner. However, ensuring that your business is secured well beyond 2017 is worth taking the time for.
The Twin Cities business lawyers at KTF Law have put together a list of New Year’s resolutions that encompasses many legal items a business owner in Minnesota should address in 2017. Don’t worry, a gym membership is not required.
Resolution #1: “This year, I will have a Buy/Sell agreement in place for my business.”
Buy/Sell agreements are legally binding statements that outline a course of action should an owner/co-owner die or leave the business. It provides instruction as to how stock will be valued, transferred and protected during a time of transition.
Resolution #2: “This year, I will make all my employees sign a non-disclosure agreement.”
Non-disclosure agreements protect your business and your clients from unwanted sharing or distribution of confidential information. Before initiating any long-term business relationship, it’s wise to have a non-disclosure agreement in place.
Resolution #3: “This year, I will seek a contract lawyer for help with all business documents”
Poorly drafted business agreements are to blame for many legal disputes and contract breaches. Avoid all that and protect you and your business in 2017 by having an experienced contract business lawyer review all documents before signing.