Have You Gone For a Legal Check-Up?

HAVE YOU GONE FOR A LEGAL CHECK-UP?

Have you ever missed your annual medical check-up? Have you ever forgotten to send your car for servicing? You need to know that your business is no different if you are a business owner.  A routine check-up can help you identify potential legal issues and risks your business may face. It can also help you ensure that your company complies with the laws.

A Business Legal Check-Up is a vital resource often under-used in the commercial world. This service is a comprehensive review of a business’s legal situation.  It can help business owners assess their current legal standing and identify potential legal issues that could impact their business. By taking a Business Legal Check-Up, business owners can save time and money in the long run.

When was the last time you did a Business Legal Check-Up?

1.  Who Needs A Business Legal Check-Up?

Regardless of age and gender, ever should benefit from routine medical check-ups. In the same way, every business needs to undergo a Business Legal Check-Up now and then. Every business owner should know whether or not their business operations comply with the law. All businesses, whether public or private, are subject to certain specific regulatory requirements which must be complied with. Though private companies are not required to meet the same high standards as public companies, they still must abide by the law.

Small and medium enterprises often lack access to legal counsel, which puts them at a disadvantage compared to giant corporations. This is because most small business owners are focused on increasing sales and reducing overheads and are reluctant to incur expenditure on risk management or regulatory compliance. However, small business owners may not realise that neglecting the legal aspects of operating a business puts them in a vulnerable position.

 

2.  Why Do You Need A Business Legal Check-Up?

No business is immune from legal trouble; even the smallest businesses can be sued if they aren’t adequately protected.

There are many things to think about when starting a business, from the initial planning stages to the day-to-day tasks of running the business. It’s easy to overlook some crucial aspects of running a business, especially regarding the legal aspects.

A business legal check-up can help identify potential legal issues and help you take the necessary steps to protect your business. One of the most important things to do when starting a business is to ensure you are organised and protected legally. This means taking the time to review business law’s basics and ensuring you have the necessary documentation. Things like a business licence, articles of incorporation, and bylaws can help protect your business from legal trouble.

Furthermore, a Business Legal Check-Up allows you to identify the strengths and weaknesses of your contracts, regulatory compliance, and other legal issues affecting your business. That’s why it’s critical to have a Business Legal Check-Up on a regular basis to ensure you’re on track and compliant with the law.

 

3.  How Often Should You Have A Business Legal Check-Up?

There’s no one-size-fits-all answer to how often you should have a Business Legal Check-Up.  The answer to this question depends on several factors, including the size of your business, the sector you operate in and the type of legal issues you might be exposed to.

For example, a small business operating in a low-risk industry, such as a retail store, might only need a legal check-up once or every other year. However, a company that operates in a high-risk industry, such as the financial industry, might need a legal check-up once every quarter.

No matter how small your business is, it would help if you always had a Business Legal Check-Up at least once a year. This is to ensure that your business complies with all laws. Larger companies should have a legal check-up at least every 6 months. This is because the laws are constantly changing, and ensuring that your business is up to date is essential. If you are not sure what laws apply to your business, you should consult with a lawyer. They can help you stay in compliance and avoid any costly fines or penalties.

 

4.  How Does A Business Legal Check-Up Work?

During a Business Legal Check-Up, your lawyer will usually review the following critical issues in your business:

  • Corporate Records, Filings & Registrations – ensuring that your business is registered correctly and all corporate records are up to date and accurate;
  • Relationships Among The Business Owners – reviewing the ownership and management structure of the business and identifying any potential issues or conflicts;
  • Relationships With Its Employees – reviewing the terms of employment and any relevant policies or contracts;
  • Contracts Used By The Business – ensuring that all key contracts are in order and that there are no potential legal issues;
  • Intellectual Property Created Or Owned By The Business – reviewing all intellectual property owned by the company and taking steps to protect it. To keep business ideas and innovations safe and to prevent others from stealing them, it is essential to have a plan in place for dealing with any potential infringements or unauthorised use; and
  • Insurance And Risk Management – review insurance policies to ensure that the business is protected from financial losses in the event of property damage, liability, or other unexpected events.

After thoroughly examining such documents, your lawyer will usually deliver a report describing their findings and recommendations. From the report, you will learn of problems that require immediate attention and those that will benefit your business in the long run. Your lawyer may also recommend that you update your contracts and agreements to reflect the current state of your business. Additionally, they may suggest changes to your documentary processes to make them more efficient and cost-effective.

 

5.  What To Do If You Find A Problem?

As a business owner, it is essential to keep your business legal. This means having regular check-ups to ensure that everything is in order. If you find a problem, it is vital to address it as soon as possible. This could mean hiring a lawyer to help you fix the problem or taking steps to come into compliance. Ignoring a legal issue could lead to severe consequences for your business.

A Business Legal Check-Up is an integral part of maintaining the security and longevity of your business.   It will help you become familiar with business law’s basics and the rules and regulations involved. A Business Legal Check-Up can help identify potential risks and liabilities and provide a roadmap to avoid or mitigate any legal issues.

By consulting with an experienced lawyer, you can help ensure that your business is on the right track and that you are fully protected against any legal challenges that may come your way.

Want to get a Business Legal Check-up? Skip the hassle of waiting to make an appointment with a lawyer. Speak to us over video consultation via Lawyer Anywhere.

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Susan Tan

Senior Legal Executive

Qualifications:

With more than 10 years of experience in the financial industry, Susan Tan, who joined us from one of the leading corporate and investment banks in Singapore, provides invaluable expertise and knowledge in corporate secretarial.

She is conversant and familiar with the local regulations and requirements for business entities in Singapore.

As a member of our team, Susan is responsible for maintaining and updating the Company’s statutory registers and records, filing all necessary documents and forms with the Accounting & Corporate Regulatory Authority (ACRA), Ad-hoc assignments such as allotment and transfer of shares, amendment of Company’s Constitution and submission of Annual Return to ACRA.

Apart from corporate secretarial work, Susan has considerable experience and expertise in compliance advisory matters, making her a valuable member of our firm.