5 essential tips for getting your business’ legal affairs in order with end of financial year looming
In preparation for the upcoming end of financial year, we wanted to use this opportunity to remind our readers that now is the time to get your legal documentation in order.
Our essentials are as follows:
1. Follow up on any debts owed to your business (debt recovery is crucial- do you need to make a demand?);
2. Review Award rates for casual employees and employee arrangements in general (Are your employment agreements up to speed? Award rate increases are effective 1 July 2022);
3. Review workplace policies. In light of COVID-19, many of us are still working from home. You should consider whether your current policies still apply to the manner and method of how you work (i.e. cyber security, confidentiality, health and safety etc.);
4. Check your documentation for business decisions (i.e. are your structures still suitable?
- Do you have a shareholders agreement/unit holders agreement in place, or some document that covers succession and relevant insurances?
- What about minutes/resolutions to support decisions?
- What about loan agreements if lending has taken place?); and
5. Personal succession planning- are your own personal succession documents in order? (i.e. Wills, powers of attorney etc.).
For assistance with your business’ legal documentation, please contact us.
