Yes, just like we humans need a medical checkup, businesses also need to have a legal checkup once in a while. This is because businesses also grow, are often dynamic, and are constantly evolving with the hope to get better and bigger over time. As the process of change happens, all the different levels within the company or business get affected and are forced to change and cope with a new situation. All professional and successful businessmen keep themselves aware of these changes taking place. Obviously many legal issues do prop up and sometimes this can even be challenging and one must deal with the problems /opportunities in a positive way.
A regular legal checkup by an experienced attorney is recommended for all such dynamic businesses big and small. For Corporate it is mandatory to get a checkup at all levels. It is just like a preventive medicine. Though the concept is not yet very popular it does have a great future. Let us see what actually happens during a legal checkup? The main purpose of the checkup itself is for being defensive and the owner along with his lawyer have to systematically evaluate and they must predict and avoid the potential future legal problems. Similarly all legal obligations of the business have to be accepted. These are some of the other aspects of the legal checkup conducted by the attorney.
- Review the status of the company
- Evaluate legal strength and weakness
- Recommend legal procedures
- Educate the client
- Prepare annual directories/minutes
- Long term planning including issues
- Valuation of the business for owner buy-sell purposes
- Ability to budget the cost in advance.
About the Author: The author of this article is John Kessel of Managed Outsource Solutions, a US based company that offers services in Legal Outsourcing and Legal Transcription for clients across the US.
