Time for a Spring Cleaning

It's Time to Complete a Business Check-up!

It's time to do so some spring cleaning. Business owners should perform a regular check-up and financial review of their business (and their personal situation too). Please note that this is an ongoing series- so the list below only addresses some of the key issues that should be part a of any business check-up.

Be sure to check Chicago Business bLAWg for more updates!

For a thorough checkup and financial review, contact your business
attorney and accountant or contact Arieh M. Flemenbaum at Griffith &
Jacobson, LLC (amf@gjlaw.com or 312-236-8110)
for more information.

• Corporate governance: Assess corporate governance & comply with any statutory requirements (and formalities recommended by the local corporate legal bar). Otherwise you may lose the protections of limited liability offered by your corporation or limited liability company. So, make sure your licenses are up to date, your annual report is filed and corporate taxes paid. Also, be sure you have corporate resolutions evidencing at least one annual meeting of your shareholders/members and board of directors/managers.
• Do not rely on oral agreements! Get them reduced to a written contract. Oral agreements can be difficult to prove if a dispute ever arises.
• Review your (written) contracts & forms: Address key provisions of your contracts (i.e., dispute resolution, venue, warranties, liability limits, etc.). Make sure they are up-to-date, your financial terms meet or beat your competition's, and your warranties reflect industry standards. Be sure you understand and your forms deal with the "Battle of the Forms".
• Review your employment policies & procedures: Ensure the required posters & notices are up to date and posted appropriately. For new hires after April 3, 2009, make sure you are using the new I-9 form (for employment verification). Also, make sure you (or your payroll company) has adjusted your employees' payroll deductions to reflect the recent tax regulations. Determine each employee's duties and responsibilities, the lines of authority and look for ways to improve your bottom line (or cut costs). Engage your employees in an honest and open discussion on the "State of your Company". Ask them for their suggestions and how to improve their efficiency, job satisfaction marketing to your customers. Train your employees (especially under-utilized or underemployed employees) on marketing & cross-selling your products and services.

To be continued...

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At Griffith & Jacobson, LLC, we can help you complete a thorough business check-up and maximize your business' profitability. For more information please contact Arieh M. Flemenbaum (312-236-8110 or at amf@gjlaw.com ) at Griffith & Jacobson, LLC.

Also check out our microblog at www.twitter/ChicagoBizLaw for more frequent updates.

Griffith & Jacobson, LLC - We know your business!

Key characteristics of a good business attorney

Below are a few key characteristics of a good attorney that you may use to evaluate whether or not a prospective business attorney may be right for you (in no particular order of relevance or importance):

• Advocate: An attorney needs to be supportive and not just sympathetic to your cause. You do not want a "yes" man. A good attorney is supposed to tell you where you may be wrong. Can the attorney be straight-forward with you?


• Judgment: Are you comfortable with their business judgment? Do they seem to exercise reasonable and sound business judgement? Or are they too theoretical, impractical and/or out-of touch with your business reality well-thought ideas and reasons.


• Availability: Do they have adequate time to take on your matters. Make sure to get a commitment from the attorney.


• Communication - No "Legalese" please: Your attorney must be able to explain to you even the most complex issues into terms you understand. Your attorney is supposed to find solutions for you, not mystify you.


• Foresight/Proactive: Does the attorney think of ways to help you and your business? Do they seem to understand the problems you are likely to have? Do they have a plan to avoid likely problems?


• Professionalism: Are they organized and handle themselves with professionalism? Are they respectful of your time - were they on time?


• Resources: Do they have the resources and connections you may need to support your business? Do they know the players in your industry? Ask about their Affiliations with accountants, financial advisors, bankers, and other professionals. Can you leverage their resources, connections and referrals?

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For more information or if you need a great business attorney in the Chicagoland area, contact Arieh M. Flemenbaum at Griffith & Jacobson, LLC at 312-236-8110 or amf@gjlaw.com.

Griffith & Jacobson, LLC - We know your business.