An Annual Review of Your Virginia Business

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by | December 18, 2019

As you grow your Virginia business into a thriving and successful enterprise, remember to take the time to legally protect what you built.  Like insurance, it is essential that you spend a prudent amount of time and money to review your operation and ensure that you are properly protecting your assets, employees, vendors, and various other entities with which your business interacts.  Your Virginia business’s reputation and financial future may be at stake.

Here are some helpful reminders about many of the legal questions that your Virginia business should consider on an annual basis:

  • Entity type: Do you have the optimal Virginia business-entity type? Sometimes the business entity type that you initially formed–whether due to legal administrative ease, the suggestion of a friend, or otherwise–is not the best business entity type for your current business.
  • Review your contracts: What do the contracts that you use on a daily basis actually say? Often closer review shows that your contracts do not say what you have always assumed that they do.  This can be very costly when a dispute arises down the road. Our office often finds that our client’s pre-existing contracts are entirely unenforceable in court–get our ahead of this problem by consulting with our office.
  • Non-compete agreements: Does your Virginia business employ non-compete agreements with its employees and contractors? Will the current non-compete agreement that you are using be enforceable? Virginia is a right to work state and many non-compete agreements–unless carefully drafted–are unenforceable. Protect your human capital through properly drafted provisions.
  • Employee legal grievances and lawsuits: Are you protecting your employees and your business from an employment law complaint? Are you complying with state and federal law (FMLA, Title VII, etc.) Plan ahead; don’t merely react.
  • Choosing an attorney: Are you working with an attorney and law firm that serves your business’s needs? Does the advice you are receiving respond to your needs and questions? Cost: Does the cost that you incur make sense?
  • Insurance: Is your business properly insured?

These are just a few of the issues that you should continually review, rethink, and re-address as your Virginia business grows.  Contact the office today if you would like to discuss your Virginia business’s needs with an experienced and knowledgable law firm.