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Legal Tips for Setting Your Business Up for Success in 2021

During a single year, your business experiences a lot of changes. It’s critical for your business's long-term success that you take time to reevaluate how those changes affect your legal situation. You want to build a solid foundation so that your growth next year is not hindered by unaddressed legal issues. There are six different areas you'll want to review as you close the books on the year.

Does Your LLC Have an Operating Agreement?

If your Florida LLC does not have a well thought out operating agreement, or is using a generic off-the-shelf version, there could be unintended consequences for the internal operations of your company; including weakening of personal liability protections. An LLC operating agreement is essentially a legal contract between the members of the company that outlines the specific rules, regulations, and provisions concerning the operation of the business the LLC was formed for.

Renegotiating a Contract During an Economic Downturn

Usually both parties to a contract want it to succeed. However, unforeseen economic downturns and changing circumstances can make it hard to impossible for a contract to be fully performed. You could go to court to enforce the contract. And you may win. But at what cost? You could irrevocably damage a long-lasting business relationship. That could cost you far more than the nonperformance.

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