You’re a business owner—your schedule is packed and your to-do list is always growing, so maybe a legal audit isn’t at the top of your list of priorities. However, putting off a legal audit can seriously impact your business finances, your future growth plans, and your ability to handle preventable legal issues. Learn more about the benefits of a legal audit and why you should schedule one as soon as possible.
Avoid Licensure Penalties, Fees, and Fines
Running a business in any municipality requires you to meet specific licensing, certification, and permit requirements. These laws change frequently, and it’s easy to miss a new requirement if you’re caught up in the day-to-day work of running a company. Failing to apply for or renew a license in a timely manner can lead to costly fees and penalties that cut into your profits and can even halt business operations.
Keep Contracts in Order
Contracts are a crucial part of your business. A careful legal audit ensures that all of your contracts utilize the appropriate language, protect your business assets, and meet legal requirements. During a legal audit, you can get advice on missing, inaccurate, or unclear portions of contracts and decide which changes you want to make. If a dispute occurs between your company and a client, investor, or supplier, you can rest easy knowing that your contracts protect your company’s rights and best interests.
Avoid Employee Issues and Strengthen Morale
As a business owner, you rely heavily on your team to help you meet goals and keep clients happy. During a legal audit, your attorney can help you avoid common personnel issues and problems. They may look at your application process, verify that employee handbooks have all the necessary and required information, and review employment policies to ensure they are compliant with local and federal law. Additionally, a legal audit may identify potential areas of conflict between the company and its employees, giving you the chance to come up with policies and procedures that protect your business from potential liabilities.
Provide Transparency to Investors and Consumers
Transparency is an essential component of business in today’s world. A legal audit offers an impartial look at your company’s operations and legal procedures, providing objective advice that can keep your business safe from litigation. The results of a legal audit send a strong message to those who work for or with your company, showing them that you have nothing to hide. This can be exceptionally helpful during a period of major growth when you are trying to draw in new investors, clients, or partners.
Whether you’ve built your company from the ground up or you’re a new executive interested in assessing the legal health of your organization, a legal audit could be the solution. Call Trembly Law at (305) 431-5678 to schedule your legal audit.