Business Audits
Is your business entity only half-formed? If so, your liability shield may not actually be in place. Many small business owners end up here because they set things up themselves or paid a non-lawyer to do it and parts were missed or left unfinished. Filing with Sunbiz and the IRS are only two steps in forming a Florida corporation or LLC. When the other legal and governance requirements aren’t completed or maintained, it can put business owners in a risky spot without realizing it.
A business audit is designed to confirm that your corporation or LLC was properly formed and is being maintained the way it should be. Often, nothing was done “wrong” as business formations involve multiple steps that are easy to miss over time, especially as a business grows and changes. An audit helps identify what’s already in place, what may be missing or outdated, and what needs to be addressed to preserve liability protection and compliance.
As part of our audit process, we also provide a Business Audit Workbook at no additional cost. This workbook is designed to give business owners a clear, practical understanding of the legal, operational, and compliance responsibilities that come with running a small business the right way. It serves as a reference tool to help owners understand not just what needs to be fixed, but how to maintain their business properly going forward.
If you’re unsure whether your entity was set up correctly or has been properly maintained, a legal audit gives you the opportunity to fix issues before they create real problems for your business, and to move forward knowing your foundation is solid.
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Entity Audit for LLCs
We created this Entity Audit for LLCs checklist to help you keep track of the legal requirements you need to take into consideration when creating your LLC!
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Entity Audit for Corporations
We created this Entity Audit for Corporations checklist to help you keep track of the legal requirements you need to take into consideration when creating your corporation!
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Frequently Asked Questions
What’s a legal audit?
At The Legal Department, we conduct legal audits on corporations and LLCs to make sure they were set up correctly and have been governed correctly over time. We look to see what is already in place and what is missing. We also see what may need to be changed – to comply with regulations or fix errors. When we’re finished, the entity is fully set up with all the documents it needs to function properly. When done right, the business entity will provide protection for its owners.
Who needs a legal audit?
Everyone can benefit from having a legal audit conducted on their business! Let’s face it, small business owners have a lot going on. There’s no judgment here, but we know there are things that just don’t get done. Whether you did a DIY startup or things have changed over the years, it’s always a good time to take a look at the most basic foundation of your business – the liability shield. If you would like to talk to us about a legal audit, we’d be happy to help.
When should you conduct a legal audit?
Once a small business owner realizes that they have a half-formed business, most of them want to fix the situation right away. Don’t wait until you are applying for a government designation or a loan to realize you don’t have all the formation documents they’re requesting. Having all your documents in order can help keep you and your business safe in the event you have a conflict with a business partner or client. The best time to act is now, by being proactive.
Why is a legal audit necessary?
At The Legal Department, we view a corporation or an LLC as a “container” and if the container isn’t solid, problems can leak out or seep in. In order to keep your liability shield in place, your business must be up to date on all regulatory compliance and procedures, otherwise you’ll be left unprotected.
Check out our journal posts below for more information on this topic:
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“I hired Laurie and The Legal Department to make sure my small business (physical therapy) was compliant and legally covered! I learned so much and am so relieved that everything is compliant and in place for my small business.”
Jana Magarian, Pelvic Performance, LLC
“Laurie and her team are AMAZING! They are experienced and efficient in helping you with all of your legal business needs. Awesome for first time business owners as they really take the time to educate you on the legal side of owning your own business. It is a great relief to know that all my entities are properly set up and that The Legal Department is always there if I need them. Highly recommend!”
Tiare Bugarin, Thornton Investments, LLC