The long-term strategic impacts of COVID-19 also require analysis and strategic planning as the misfortune continues to change and governments around the world organize to solve the immediate threat. Concerning the long-term effects of COVID-19 in the workplace, all businesses, regardless of size, should prepare. It is equally important to make sure they are prepared for a possible economic downturn in these moments in addition to the immediate repercussions of their operations. Confronting legal needs can seem like a daunting task at this time but it is important to plan now to protect your business. Today, we at Kajioka & Associates, Attorneys at Law, would like to address these concerns before you get back to business operations.
Bylaws & Operating Agreements
To a well-ordered business operating agreement for LLCs and bylaws for corporations’ documents has its advantages. If you have multiple owners involved in the business, they are particularly vital. Dictating how the company may respond in tough financial situations, these documents define how functional and financial decisions are made for the company. To guard your best interests, properly drafted legal documents can help you avoid possible liability. These documents are significant since they provide how essential business decisions are made, especially when there may be a disagreement as to the best course of action, define the profits and losses distribution, and lists out all of the members obligations and rights. Additionally, these documents as a contingency plan if a downturn becomes too severe as members sells their interest, leave, get divorced, or pass away. Corporations should make certain that they are holding annual meetings and recording minutes as required by law in addition to their bylaws.
Business License
Since there are many different governing departments that cover different jurisdictions, knowing what type of license you need to operate may be difficult unfortunately. You may need to obtain local, county, or federal licenses to the operation of your small business. Your licensing needs may change as your operations adjust. Should you be expanding into new jurisdictions, this may include registering with additional licensing departments. Additional licensing can also be in the form of health license and permits, food and beverage licensing, environmental license and permits, and transportation licensing, among others if you are adding to the scope of your business’s offerings or changing direction entirely. Make certain that your entity is in good standing and that your business licenses are current. Neglecting to do so can keep your business from working with vendors or receiving government funding for difficult times.
Small Business Contracts
Now is a good time to review your business’s agreements since business contracts should be updated periodically. You may need to draft an addendum to critical parts of your contracts depending on how your business operation will move forward from a crisis. Independent contractor agreements, or employment agreement, partnership agreements, and vendor / supplier agreements can be included. To ensure that you are covering the entire scope of your operations, drafting a completely new contract is a possibility. Being relevant to your business and industry, it is also vital to make certain your website has a current privacy policy and terms and conditions are up to date. These contracts are the foundation to any successful business though takes some time and effort to draft all these legal documents.
Criminal Defense, Personal Injury, Business Attorneys & More in Greater Las Vegas, Nevada
When you need to alter any legalities of your Nevada small business, especially during these trying times, call Kajioka & Associates, Attorneys at Law and let us assist you.
