With the end of 2016 in sight, now is a good time to run through your year-end
business planning checklist. Here are a few things to consider before
you head into the New Year:
- Do you need to hold a corporation/LLC annual meeting? While an LLC may
not be required to hold an annual meeting, it is often advantageous for
an LLC to have one, as the practice can prove beneficial in certain tax
and legal scenarios.
- Update your meeting minutes. Again, while an LLC has no legal requirement
for meeting minutes, it is a best practice to keep up-to-date minutes
to maintain organized operations and a record of decisions. Corporations
do have to have annual meetings and the end of year is a good time to
get them done.
- Review your business’ operating agreement or shareholder agreement.
Since the agreement sets forth important governance matters in your organization,
these documents should be reviewed periodically. Does it still effectively
govern ownership interests and their financial and managerial rights and
responsibilities? Now is the time for a thorough review.
- Review or consider a buy/sell agreement. Why review this? The value of
your business may have changed. Also, have you considered all the triggers
that may cause a shareholder to leave (personal and professional)? The
agreement needs to be funded, so you need to make sure funding matches
with the terms of the buy-sell.
- Consult with your CPA on regarding taxes including New Hampshire Business
Enterprise Tax (BET) or New Hampshire Business Profits Tax (BPT).
- Review your employee handbook and any employee agreements. This is a good
time to make sure your organization is current and compliant with employment
and labor laws as well as setting employee expectations and ensuring consistent
To learn more about Shaheen & Gordon, P.A.’s corporate and business
services and litigation representation or to seek assistance with any
of these matters, please contact
Sean O’Connell or