Choose a business entity that fits your needs.

Understanding and choosing the correct entity type is an essential step in managing a business and mitigating legal exposure. Re-evaluate your business structure periodically as you develop and grow; what worked for you as a start-up may no longer serve your established business.

Create clear guidelines, and keep them updated.

Use formation documents to clarify how your company is structured and how decisions are made. Create other necessary documents as well, such as company procedures, employee handbooks, and employment contracts, and keep them up to date as your business grows and changes. These documents should clearly define employee and member roles and expectations.

Back up every agreement with a contract. 

While online forms can provide ideas for clauses you might need, curating comprehensive contracts that are specific to your business needs will help manage expectations, saving time and expense down the line.

Manage risk.

Obtain business, premises liability, and employment insurance coverage appropriate to the specific needs of your business. Some industries are heavily regulated, some are not. Re-evaluate your business practices on a regular basis to confirm compliance with applicable laws.

Assess your exposure to litigation risk. Investigate and document any employee performance issues or complaints to create a record of your actions and responses, in the event you need to take action.

Plan for the future.

Succession planning is essential to ensuring the longevity of your business. Consider succession strategies that best suit your business in the case of death, disability, retirement, and other significant events.

Wescott Law has a team of attorneys who are experienced in business representation and can provide expert legal advice to assist with all aspects of business formation and employment law. Give us a call today.