Legal Tips Before the New Year

November 8, 2018

The end of 2018 is rapidly approaching! Are all of your business affairs in order and ready for the New Year? If you’re not sure where to start, here are a few legal tips to help you prepare for the upcoming year.

Tax Paperwork
It’s never too early to prepare for tax season. Now is a good time to review your paperwork and fix any issues that may arise with the Internal Revenue Service (IRS). You can also consult with a tax advisor to review your statements and see if the company is eligible for any tax deductions.

Written Contracts and Agreements
Many small businesses make the mistake of operating without written contracts. This is a disaster waiting to happen. Having written contracts helps all parties involved understand their obligations and agreements. Written contracts can also help you avoid legal battles.

Review Documentation
It’s also a great time to review all of your company records. Go through and remove any old paperwork and correct any mistakes. It’s also a good idea to make sure that all business licenses and permits are up to date. Research to see if there are any new licenses that you have to apply for, whether they are federal, state, or local.

Incorporating
The end of the year is a good time to reevaluate your company goals and financial status. Is your business doing as well as it could? Is a sole-partnership still the best decision? As you review your tax forms, research the cost of converting your business to a corporation or an LLC. If you choose to convert, do so with a January 1st effective date. This can make preparing your annual financial statements less complicated.

Need help getting your end of year legal affairs in order? The lawyers at Isom Stanko & Senter are happy to assist you today!