You Did the Legal Work When You Started Your Business…Now What?

You formed your business, signed the paperwork, got your legal documents in place, and started running your business. Congratulations! You can finally check the legal stuff off your list.

Well, not exactly.

I know. As a small business owner, you already have a million things to think about. But here's something important to remember: The legal work you did when you started your business was designed for the business you had at that time.

And hopefully, your business has grown since then!

Maybe you've hired employees, added services, brought on a business partner, or started working with bigger clients. Those are exciting milestones! But they can also change what your business needs legally.

As a small business attorney, I often see business owners who took the right steps when they started but haven't revisited those decisions since.

So, what should you be looking at?

5 Things to Revisit as Your Business Grows

1. Your Governing Documents. Remember that Operating Agreement or those corporate documents you signed when you formed your business? Do they still accurately reflect your ownership, decision-making authority, and how your business operates?

2. Your Contracts. Are you offering the same services you were when you started? Have your payment terms, policies, or client relationships changed? Your contracts should reflect how you actually do business today.

3. Your Workers. Have you hired employees or independent contractors? Do you have the appropriate agreements in place? And are your workers classified correctly? Remember, calling someone an independent contractor doesn't automatically make them one!

4. Your Ownership Structure. Have you added an owner, changed ownership percentages, or started thinking about selling your business? These changes may require updates to your legal documents and business planning.

5. Your Ongoing Compliance. Are you keeping up with your Florida annual reports, licenses, permits, and entity governance requirements? Forming your business was just the beginning. There are ongoing responsibilities to maintain it.

Make Legal Reviews Part of Your Business Routine

Here's what I recommend: At least once a year, take some time to think about what's changed in your business.

You may discover that everything is still working exactly as it should. Great!

Or you may realize that something needs to be updated to better reflect the business you're running today.

The point isn't to create more work for yourself. It's to make sure the legal foundation you invested in when you started continues to support your business as it grows.

Because getting your business started correctly is important. Keeping it that way is just as important.

If you're unsure whether your legal documents still fit your business, our team at The Legal Department can help you evaluate your existing legal foundation and identify areas that may need attention.

Information in this journal post is for general informational purposes only and should not be taken as legal advice for your individual situation. Viewing this post or contacting us does not create an attorney-client relationship. Please do not send confidential information until an attorney-client relationship has been established.