We often set personal goals to improve ourselves or to get organized. However, we can’t overlook the need to complete the same process with our businesses. Businesses can, and should, do a number of things each year to make sure their houses are in order.
The following are several items to consider in getting your corporate house in order:
Annual Meeting. The equity holders should have an annual meeting. If you are a corporation, it is required by law. Additionally, it is good practice to make sure all equity holders are involved and up to speed with the business.
Employment Document Audit. Now might be a good time to review all of your employment related documentation to make sure it is up to snuff. For example, review your employee handbook, or if you don’t have one, implement one. President Trump deferred the changes to overtime law. Additionally, the Nation Labor Relations Board has implemented regulatory changes over the last several years that impact the provisions of employee handbooks. All of these, and other things, may require revision of your employee handbook. Additionally, now would be a good time to audit your employees’ job descriptions to make sure they are accurate. You may want to make sure all of your employees have properly completed I-9 and other required forms, and have done so properly. Finally, you may want to ensure that all employees have signed confidentiality and non-disclosure agreements in order to make certain your confidential and proprietary information is protected.
Harassment Training. It is hard to overlook the watershed discussions going on in the entertainment and other industries regarding sexual harassment. Now may be a good time to have a discussion with your employees on sexual and other types of illegal harassment. While some types of harassment are overt and clear, others are discreet and nuanced. Discussing these issues may help cut-off issues in the future. Furthermore, you may want to reiterate the process to report harassment so all employees are aware.
Data Security. Data security also continues to work to the forefront of the business world. Now is an ideal time to have training with your IT provider reminding employees about “phishing” schemes and other threats that can negatively affect your business and client relations.
Buy-Sell Agreement. It is a great time to review the buy-sell agreement between the various equity holders of your business. Make sure all potentially desired triggering events are accounted for. If your buy-sell requires an annual certificate of agreed value, or other annual certification, complete it at this time. Additionally, review any key man or other insurance that operates in connection with the buy-sell so that if a triggering event occurs, there will be funds available to address it.
For assistance in getting your corporate house in order, please contact your Stark & Knoll attorney.