Is Your Business At Risk?
Legal Audit For Your Business
For most businesses the situation will develop at some stage where the demands of actually doing the business for your clients or customers leaves little time or energy to consider the underlying structures on which the business is founded yet alone planning for and initiating enhancements and improvements in them. Sometimes this lack of attention to the detail can cause substantial disruption to the business when something unanticipated arises, e.g. how would the business continue if you were not given an extended term because you had failed to exercise the option within the times stipulated in the lease? It's worth a periodic "audit" of the most important arrangements that the company needs to continue business to ensure that they are:
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in existence;
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enforceable; and
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current to deal with needs of the business as it now operates
Colquhoun & Colquhoun can assist you with a business audit either as an overall view of the business documentation or simply to address specific areas at need that you as the business operator identify from time to time, thereby helping you to anticipate and avoid potentially damaging issues. The audit process can also be used to do some succession planning either in preparing your business for sale and maximizing the sale price, or alternatively, identifying the strengths and weaknesses of an existing business you may be thinking of buying.
Author: Paul Alice, Partner
Date: 11 May 2009
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