Law for business owners. From start to finish.

Business Continuity & Lifecycle Self Assessment

Omni Apartment Communities, Inc
click here for more...

Ned is a nationally recognized speaker on Exit Planning. To contact for a speaking engagement for your organization please email krea@minorbrown.com.

Business Self Assessment

Do you know the form of your business entity, and the tax consequences and liability protection available using that form?
Yes No
Do you take the practical steps to limit your liability to the extent possible?
Yes No
Is your company following the laws in other states where required to do so?
Yes No
If you have more than one owner of the company, do you have a buy-sell agreement regarding ownership and do you have a joint liability agreement covering any personally guaranteed debts or money loaned to the company?
Yes No
If you have more than one owner of the company, do you agree on how the company is run, and compensation among the owners?
Yes No
If you have employees, do you know and follow employment laws and your own policies?
Yes No
If you use independent contractors, do you know if they really qualify as independent contractors?
Yes No
Have you taken steps to protect your company's trade secrets and confidential information from use or disclosure by employees and others?
Yes No
Are your business names and trademarks really yours, and are they protected?
Yes No
Are you able to take a month off, totally away from the business, without it falling apart?
Yes No
Are your key employees aware of what they need to do to make the business successful day to day and year to year, and do you have a program to reward them when they help to make that happen?
Yes No
Are you taking steps to avoid or limit personal guarantees of company debts?
Yes No
Does your standard form of invoice or purchase order clearly lay out your obligations to your customer and their obligation to you – including warranties and payment terms?
Yes No
If your business rents space from a third party landlord, do you know the lease terms and your obligations and rights? Did you negotiate "reasonability" into the lease and limited personal guarantees?
Yes No
If your business uses space that you own, do you have a separate entity to hold that real property and do you have a lease with fair rental terms?
Yes No
If you loan money to your company, is there a written promissory note and is that debt secured with collateral (such as company assets)?
Yes No
If the company has borrowed money from a third party, do you know the loan terms and comply with them, and did you negotiate to avoid or limit personal guarantees?
Yes No
Do you know when and how you want to leave your company, and what you will do next?
Yes No
Do you know who might buy it, for how much, and how that purchase price might be paid?
Yes No
Are your plans about leaving your company and selling it backed up by a good understanding about how much it is really worth today, and how much you need to live as you wish?
Yes No