Small Business Legal Audit
What is a legal audit?
A legal audit is a lot like a doctor’s appointment. You can treat it like a regularly scheduled checkup, or you can schedule it if you are experiencing problems or expecting changes in your business. During the legal audit aka checkup, an attorney will take down your business’ history, learn about the progression, the changes, and the goals you have. After that, the attorney will ask you for your legal records (corporate formation, compliance, online sales agreements and more). If anything is missing, we may be able to request them on your behalf. Once we have a full legal history and your business records, we will review everything diligently and provide you with a detailed report in the most common areas of concerns, including, corporate compliance and recordkeeping, agreements, trademarks, and business licenses.
If you share specific goals with us, we will also provide a report on how to prepare so that your legal needs don’t hinder your business growth.
A legal audit is not for every business. Below is a list of some types of businesses that a legal audit is highly recommended for. If you would like to find out whether or not your business should get a legal audit, contact us today.
What type of company should consider a legal audit?
A legal audit best fits the following profiles:
- A business that was started on a small budget so not all the paperwork about contracts, corporate formation etc. is in order. Or due to budget constraints, you received boilerplate contracts online but have outgrown that now.
- A business that was started as a home business but is now transitioning or has already transitioned into a brick and mortar location.
- A business that did not have any employees when it first started but has or will soon have employees or contractors.
- A business that was offering only one type of product at the outset but is now transitioning or has already transitioned into different vertical or horizontals market.
- If you are bringing on investors, even if, and especially if they are your friends.
What to expect from a legal audit?
Your legal audit can take anywhere from 2-6 weeks depending on several factors. At the end of an audit, you can expect a detailed report with your legal strength in the different areas. We will schedule a time to go over the report and our recommendations, if any, and answer any questions in an advice session that can last between 1-2 hours. If we have recommendations, they will be listed in order of priority, and a suggested timeline will be given to you that matches with the goals you provided us.
How to schedule a legal audit?
Legal audits are time and labor intensive, so we only conduct legal audits for businesses that qualify and need them. If you would like to find out whether a legal audit is a good fit for your business, contact us today.
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