On December 31st, our minds often turn from what we’ve done the past year to what we hope to accomplish in the coming year. Sometimes, we need to tie up loose ends. Companies facing the end of a fiscal year also should take this time to contemplate the past and prepare for the future.
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Are all business records current?
Government agencies often require business entities to keep specific types of records, like corporate minutes or employee records. The Office of the Minnesota Secretary of State maintains some common business forms at http://www.sos.state.mn.us/business-liens/business-forms-fees/.
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Are business succession plans in place?
An owner may be uncertain about how his company will fare after his participation ends. If so, this is a good time to review corporate records and personal estate plans. Business succession plans can be made at any time during the life of a business and help ensure continued operation upon the death or disability of one or more owners.
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Are there any potential upcoming legal issues?
New laws may affect how a company operates. Even if a law takes effect at the beginning of the calendar year, the fiscal year end is an opportune time to determine if your business needs to adapt. An experienced business lawyer can provide thorough analysis of a company and offer options to address any upcoming legal issues.
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Are any government forms due?
Local, state, and federal agencies often require companies to file annual documents. Some forms relate to taxes, others to the status of the business entity. A thorough review of deadlines affecting your business ensures deadlines will be met.
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Do contracts and agreements still comply with state law?
Properly-written contracts and legal agreements can help prevent legal headaches. The end of your fiscal year is a great time to have your attorney review your agreements for any potential risks.
Experienced Minnesota Lawyers.
The experienced business attorneys at Virtus Law have the know-how to tackle your legal dilemmas. Please contact us by calling 612.888.1000 or emailing us at info@virtuslaw.com. Our main office is located in Minneapolis, with other offices located in Edina, Mendota Heights, and Red Wing.