Happy New Year! It’s 2025, and many small business owners are planning to improve their businesses in the new year. How can the business obtain more customers or clients? How can it generate more revenue? And how can it provide better services or products?
As part of any business owner’s New Year’s resolutions, be sure to include the legal side. Here are three resolutions for business owners to consider in 2025:
- Is the legal foundation of my business being maintained? We’ve previously written about the need to maintain corporations and limited liability companies. Has your attorney reviewed your LLC Operating Agreement or corporate governing documents lately? Are the statutory citations still current? And does it continue to serve your business well as it currently exists? What about annual corporate meetings or LLC resolutions? Are you keeping it with all that is needed? If not, make a resolution to do so.
- Do you have a business succession plan? What happens when you want to retire or sell the business? Getting that right can take years of planning for small business owners. If you haven’t put in the hard yards to develop a business succession plan, consider resolving to do so in 2025.
- Has your business kept up with changes in Washington and federal law? For example, in 2024, SSB 5495.
was enacted into law, which placed further restrictions on non-compete agreements in Washington. Does your business use non-compete agreements? If so, have they been reviewed by an attorney lately? As part of your New Year’s resolutions, ask your attorney to review key aspects of your business to ensure continued compliance.
Do you need assistance in keeping your 2025 resolutions? If so, please let us know. We’d be happy to help.