January 2017

Corporate Report Card

With a successful 2016 behind us, we've been looking ahead for more ways to add value for our clients and networking partners in 2017. Many business owners have expressed optimism for the year ahead and we'd like to help these entrepreneurs establish priorities.

Please take a few minutes to score yourself on our Corporate Report Card. These questions should help provide clarity and ideas for some legal priorities in 2017.

Corporate Report Card

Score yourself 1-5 (5 being Excellent and 1 being Below Average)

  1. Business operations are handled in a manner that limits the owners' personal liability (and potential asset losses) to the maximum extent ___
  2. Information with the Secretary of State is complete and correct ___
  3. The companies are registered in all states where they do business ___
  4. The corporate structure (entity type, subsidiary or other relationships) minimizes risk and cost and maximizes efficiency ___
  5. Business assets are titled appropriately ___
  6. Stock Certificates (or other records of title) completely and correctly reflect the company's ownership ___
  7. If there is more than one company owner, the ownership agreement between them reflects their current wishes (e.g., what happens with shares at death, upon a voluntary or involuntary sale/transfer, etc.) ___
  8. The income tax classification (C Corporation, S Corporation, Partnership, etc.) minimizes income taxes ___
  9. There are written agreements with key employees and independent contractors that include appropriate restrictions ___
  10. Transactions between related companies are documented in writing ___
  11. Disaster contingency plans are in writing ___
  12. Vendor contracts are reviewed by legal counsel and monitored as part of a system for renewals, etc. ___
  13. With multiple offices, an authority matrix sets out who can sign different types/levels of contracts ___
  14. The owners' personal estate plans take into account the current company profile/circumstances ___