Businesses, in general, are rarely static. Some grow quickly in their first years of operation, while others, unfortunately, never gain momentum. As a business owner, you need to make sure you have a solid plan with appropriate legal documents in case your business takes an unexpected turn for the better or for the worse. What will you do if your competitor sends you a buyout offer? What happens when your business partner or friend tells you that they want to cash out their interest?
Read on to learn the types of legal documents our business law firm and a business attorney can (and should) prepare to get you 100% ready to seize a business opportunity or, conversely, protect your business from uncertainty.
Business Agreements
Your business should have legally enforceable agreements in place in the event that you seek to merge, sell, take on new investors, or expand your business operations. Additionally, you should have agreements prepared in case your ownership changes or the business needs to contract, close down, or seek bankruptcy protection.
I recommend to all my clients that these business agreements be readily available:
- Founding Documents
- Shareholder Agreement
- Operating Agreement
- Partnership Agreement
- Bylaws
- Succession Plan
- Business Operation Documents
- Independent Contractor Agreements
- Vendor or Supplier Contracts
- Customer Agreements
- Employment Agreements
Business owners often say, “We just want to get started” or “We’ll do the paperwork later.” My advice, though, is to not put off to tomorrow what should be done today! Your company may be presented with an amazing business opportunity (to buy, sell, or expand), and you may need to quickly capitalize on it. Your company should be thoroughly prepared in the event someone wants to buy your business or if a business partner suddenly seeks to leave or retire from your business.
It is imperative that you consult a business law firm like Woodward, Kelley, Fulton & Kaplan to help you draft, review, and negotiate these critical documents. Do not wait until the last minute. Let our firm help you create the right documents to be prepared for the best of times and for the worst.
As always, if you have any questions about buying or selling a business or business law generally, please don’t hesitate to contact us!