2018 is rapidly coming to a close, making it the perfect chance to go over the smaller details of your business operation and ensure that you’re properly set to enter the next year. To help with this, we’ve compiled a list of essential items that you should review before the year closes. These tips apply to organizations of all sizes, so make sure you go through each one as you organize your end of year checklist.
Account for the annual corporation/LLC meeting. Corporations are usually mandated to have an annual meeting, but even though LLC’s don’t formally carry the same requirement, it can still be beneficial for both types of organizations to carry out the yearly meeting, especially in regards to taxes and various legal scenarios.
Review all operating agreements, shareholder agreements, and other critical contracts. These agreements establish critical governance and operational issues for any type of organization, and it’s important that these documents are carefully reviewed on a regular basis. This allows to adapt and make changes as needed, as well as helps you weed out potential future problems.
Schedule a meeting with your CPA. While businesses usually operate via quarterly tax periods, you should still make time to talk with your CPA to ensure that the entire year’s finances and tax obligations are fully in order.
Review all employee agreements, your employee handbook, etc. Are you 100% sure that your organization is fully compliant with all current and soon-to-be current labor laws? The end of the year is a great time to carefully peruse these documents and consider how they stand in regards to all upcoming changes in the year.
We hope you found this post useful as you wrap up yet another year of your successful business endeavors. If you’re looking for more specific legal guidance, know that you can count on us at Egbert & Barnes, P. C. We offer free initial consultations, so be sure to call us at 215-886-6600 to schedule a free initial consultation with a seasoned PA business law attorney.