Here is Your End of Year Legal Checklist:
As the year draws to a close, it’s the perfect time for a legal review of your business’s legal health. Elevate Your Business in 2024: A Legal Checklist for The New Year – Cooper & Huber says, “By adopting a proactive and strategic approach, you position your business for resilience, growth, and sustained success.” Taking care of these essential tasks now can help you avoid surprises in the new year and ensure your business is in great shape to thrive in 2025.
Here’s your end-of-year legal checklist:
1. Review Contracts and Agreements
Ensure that all contracts, leases, and vendor agreements are up to date and reflect your current business relationships. Look for clauses that may need renegotiation or renewal heading into the new year.
2. File Any Necessary Annual Reports
Check your state’s requirements for annual reports or filings. Missing these deadlines can lead to penalties or even jeopardize your business’s good standing.
3. Reassess Your Business Structure
Is your current legal structure (LLC, partnership, corporation) still serving your business goals? If not, now is the time to consult an attorney about making changes for the year ahead.
4. Conduct an Intellectual Property Audit
Ensure that trademarks, copyrights, and patents are up to date and properly registered. If you’ve introduced new products, services, or branding this year, make sure you’ve protected your intellectual property.
5. Verify Employee and Contractor Agreements
Review employee handbooks, contracts, and independent contractor agreements to ensure compliance with labor laws and any changes that occurred this year.
6. Update Your Estate Plan
For business owners, it’s critical to integrate your estate plan with your business succession plan. Ensure your assets and your business are protected for your heirs or successors.
7. Prepare for Tax Season
Work with your accountant and attorney to review tax obligations. Take advantage of any end-of-year tax planning opportunities and ensure that all financial documents are organized for filing in the new year.
8. Conduct a Risk Assessment
Review potential liabilities, such as pending litigation or unresolved disputes. Addressing these before the end of the year can save time and resources.
9. Evaluate Compliance Requirements
Check for new laws and regulations in your industry that may impact your operations in 2025. Updating your policies now ensures compliance and peace of mind.
10. Consult with Your Legal Team
End-of-year is the ideal time to schedule a review meeting with your legal counsel. They can identify any overlooked issues and help you start the new year strong.
At Tressler & Associates, we’re here to help you cross off every item on your checklist. Whether it’s reviewing contracts, planning for taxes, or preparing your business for growth, our experienced team is ready to assist.
Contact us here to schedule your end-of-year legal review. Let’s ensure 2025 is your business’s best year yet!
