In the January edition of the Legal Solutions for Small Business newsletter, I mentioned that January is the best month to review your business to determine if any changes are necessary. One of the first things you should do is review your files to make sure you have copies of all your important business documents. This includes any loan documents, any credit card agreements, any vendor agreements, any lease agreements, any client agreements, and any employment agreements. In addition, depending on your business, you may have additional agreements.

Once you have ensured that you have copies of all these agreements, to ensure that you have a second copy in case anything happens to the original, you should either make a digital copy and maintain a backup in a secure location (i.e. a safety deposit box) that is not at your main place of business or make copies of these documents and store them offsite. You may look at options such as Dropbox if you make digital copies. The reason offsite storage is so critical is that in case there is a fire or theft at your main location, you will always have copies somewhere else and you never know when you will need to refer to them in the future.

After gathering all of your contracts, reviewing them is a great start to getting your legal, and financial bearings for the year. In some instances, you or your attorney may be able to negotiate a better agreement than you currently have. For instance, if your phone or internet bill is month-to-month, you may be able to ask for a lower rate. If your loan agreement has a balloon payment at the end of the term, now may be the time to refinance into a conventional loan.

If you have any questions about reviewing your legal agreements, please call or email me, your Denver business attorney!