The Top Ten Legal Documents Every Business Should Have

 In the press of year-end budgeting and planning, it is easy to overlook planning for business legal issues.  However, every business, whether a start-up or established business, should have several key documents in place to ensure and protect its growth and development.  Most business owners are too busy managing and growing their enterprise to make sure they have adequate legal protections for their business.  To keep costs down, many business owners see a preventative discussion with an experienced corporate attorney as an unnecessary and frivolous expense.  That is, until a problem arises – and then it the cost of “fixing” the problem is exponentially greater than the fees that would have been paid for preventative documents and counseling. 

 To help with your year-end planning, here are some examples of key documents every business owner and manager should have competently drafted and in place:

1. The appropriate corporate structure for limited liability protection (a corporation, limited liability company, limited partnership or the like).  There are many options here and it is not a case of one size fits all.  Many businesses skip this step or make a quick decision in the press of business and planning.  However, BEFORE any choice is made you need to get effective and competent advice and make an informed choice about what type of entity is (a) best for protecting your personal assets from liability due to corporate failures or acts and (b) gives you the optimal tax treatment.  (Your accountant will focus on the latter but is not qualified to advise you as to the former.) 

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