Personal New Year's Resolutions

By Gary Alexander, Senior Attorney

The following are some recommendations on keeping your life happy and healthy heading into the New Year.
Resolution No. 1 Get a will. Set aside time not only to think about a will and get it drafted, but also to get the will properly executed and put in a safe place. The majority of Americans die without a will, causing unnecessary additional stress to loved ones.
Resolution No. 2 Adopt a successor plan. If you own a business, you should decide what happens to it upon your death. You should decide whether or not you want the business to cease operations or to appoint a successor(s) to continue your business.
Resolution No. 3 Conduct business in the corporate name. If you own a business, make sure that every transaction you make on behalf of the corporation, whether its paying employees, signing contracts, or making donations, is in the corporate name and not in your personal name. This will ensure that any liability will be assessed to the corporation and not to you personally.
Resolution No. 4 Obtain board of directors insurance. If you are on the board of directors for a company, generally, you are not subject to liability as a result of its corporate acts. However, actions by the board of directors are subject to a certain level of scrutiny. The company or you should purchase board of director insurance to provide coverage for your actions in that capacity.
Resolution No. 5 Review all contracts and policies. If you have been using the same form contract that you downloaded from the internet, let an attorney review it for its legal sufficiency and relevance to your business. While youre at it, have an attorney prepare or review any employee policies or manual. This will minimize your liability and help enforce your rights.
Resolution No. 6 Update your website. Nowadays your website is the first and sometimes only way customers know about your business. Update your website and redesign it if necessary. Also, ensure that the website designs and information are protected by trademarks and copyrights, and that all legal disclaimers appear where necessary.
Following these tips will help your business and personal life. If you need assistance in drafting or reviewing contracts or policies, or with any other business matter, contact an attorney.