The Riviere Advocacy Group LLC has a team in place to help small businesses assess its legal status. A comprehensive audit includes working through a checklist that covers the most important aspects of a business and will make the business owner aware of issues that need to be improved upon or changes entirely. Is also provides a road map to get the business where it needs to be. This is a great process that keeps businesses healthy and ready for growth, merger, sale or whatever the future the holds.
Why should I take the time to check my businesses’ pulse? Risk mitigation and catching problems before they happen or small enough for an easier fix, will save you money and headaches in the future. The goal in a legal audit is to find room for improvement where smart thinking can make your business more profitable, less exposed to risk and open to future expansion and/or sale.
Imagine avoiding future legal problems and eliminating costs, but also imagine revealing hidden business opportunities such as capital allocation, areas for expansion, and even tax-friendly business structures.
We want to make the most business sense possible.
What’s included in audit?
Each audit is different. The type and size of the business will determinate what needs to be done.
Review your corporate governance practices i.e. are you holding shareholders’ and directors’ meetings? Do you prepare minutes? Is the business in compliance with the minutes? Review documents retention practices. Review Buy-Sell Agreements. Review Corporate bylaws.
We will review your customer and vendor documents/contracts. Grade the sufficiency of the documents for their intended purposes i.e. are they providing you the protections/benefits that you intend. Review any limitation of liability, damages waivers, IP ownership, arbitration/mediation clauses and other clauses within your business documents/contracts and counsel on new clauses the company may need. Review how the business handles contract breaches.
Take inventory of your intellectual property assets- copyrights, trademarks, trade secrets (e.g., customer lists), and other proprietary information. Analyze if your intellectual adequately secured i.e. that you have proper legal title to your intellectual property. Make inquiry into the processes being used to create, capture, use, and protect intellectual property. Advise on protocols to create, capture, use, and protect intellectual property. Review infringement and reporting practices. Assess employees’ non-compete agreements. Assess if your contractors pass title to their inventions and work product to the company.
Review the businesses’ employment practices. Review hiring and firing practices. Assess hiring and firing documents including employment applications. Review employee handbooks. Assess whether employees are signing enforceable non-compete agreements.