Whether you’ve just started your business or if your business has been active for years, you may need assistance with post formation documents. State and Federal law requires certain rules to be met. Most commonly you will need to file reports with the state, appoint officers, created operating agreements and adopt company bylaws.
While these tasks can seem mundane, they help set up your business for success. Protecting your business, officers, employees, and assets. Below are some of the most common post formation issues.
An Operating Agreements is a legal document that helps to define the rights and responsibilities of each member. It also states the provisions necessary for operating the company, including daily management of the business, duties of its members and issues relating to dissolution of the company or the death of a member. Creating and updating an operating agreement that details the long-term objectives of your company is necessary to ensure the proper operation and growth of your business.
Shareholder agreements establish the rights and responsibilities of all shareholders, who own a share of stock in a public or private corporation. These agreements also describe how the company should be operated. While this document is not required, it is highly recommended for any company with multiple shareholders as it will clearly define their rights and eliminate potential future issues.
A critical part of every business, Employment Agreements serve to define the relationship between employees and the company. This document will outline expected duties, compensation, and benefits. Additional provisions for non-compete, non-solicitation, and arbitration clauses can be beneficial to protecting your business.
Commercial Lease Agreements
Finding a home for your business can be difficult, so once you do find that perfect place to open your newest location you may be eager to sign that lease agreement. However, proper analysis and negotiation of commercial lease agreements can help save your business down the road. These documents typically outline the scope of work that could take place on the premises, the responsibilities (if any) of the landlord, and the terms of the lease. Proper negotiations can help ensure that your perfect location is a truly a perfect fit.