• Recent Posts

  • Martindale Hubbell AV Rating

    The Greater Williamsburg area is an exciting place to live and work, especially because of the large number of entrepreneurs who have built businesses from the ground up. These entrepreneurs have taken their passion and made it their profession. Many of us want to take that step. Before you begin, you need to think of the type of business entity you want to form. Our attorneys have extensive business experience, from small one-person companies to publicly traded major corporations. Our attorneys are among the leaders in Virginia in the representation of Common Interest Communities. These communities are generally referred to as "homeowners associations," or "HOAs," and "condominium associations." In the greater Williamsburg area alone, we provide legal assistance to nearly 100 associations. Our attorneys have successfully prosecuted and defended a wide array of civil disputes involving community association covenant enforcement, commercial transactions, construction disputes, contracts, real estate matters, boundary line and easement disputes, employment matters, antitrust litigation, copyright violations, administrative proceedings, and estate issues. Real Estate law encompasses a wide variety of matters, and our attorneys have vast experience to assist you. Whether you need assistance with a commercial or residential closing, or you have questions relating to residential or commercial leasing, we provide experienced advice and counsel to our clients. Zoning law can be a complicated maze of statutes and ordinances. We have ample experience in successful applications for rezoning, variance, and special use permit requests. Finally, commercial and residential construction provide special challenges with respect to financing issues and the construction process. We serve as counsel to various financial institutions.

It’s time for your Small Business to audit its Corporate Documents

Many of our New Year’s Resolutions address our personal health, but owners of small businesses should also resolve to address your corporate health. Small businesses operate with great attention to the product or service the company provides, but little energy is left to review the infrastructure of the company. Issues such as shareholder agreements, key person insurance, disability insurance, annual meetings and other corporate necessities are given short shrift because of the attention we pay to running the business.

Williamsburg Virginia Business Lawyers

Business Agreements

This blog post provides a few suggestions to help you overcome a problem unique to small businesses: spending too much time working in your business rather than working on your business. 

  • Have you conducted your annual shareholders or members meeting? Even if you are only a one or two person company, it is important for you to observe corporate “formalities” and ensure that you can maintain the protections provided by corporations or limited liability companies.
  • Is your corporate book up-to-date? Make sure that your stock or membership records accurately reflect your company.
  • Did your company make any major decisions this year? Did you lend your company any money? In either instance, make sure that you have the appropriate corporate resolutions and other documents to ratify and approve the corporate actions.
  • Have you updated your shareholder agreement or operating agreement? Do you even know where your agreement is? Almost always, we draft these agreements at the onset, but things change. For a long-running business, we may need to review retirement strategies for some of the owners. Shareholder agreements may have a formula or set a price for share valuation, and that provision may need to be updated or modified.
  • Have you reviewed your company’s insurance policies? Many shareholder agreements include key person provisions and require the company to fund an insurance policy to fund a “buyout” in the case of the death of one of the shareholders. You may need to review that policy to determine whether it provides sufficient funding. Similarly, you may want to review any disability insurance policies. Make sure that your small business can survive, and that you can survive economically, if you are forced, by illness or injury, to be away from your business for an extended period.

Undoubtedly, in a small business, we spend almost all of our energy trying to improve our product and service in order to survive in a difficult economy. Take time with your small business attorney to review your governing documents, update as necessary, so that you can enjoy the benefits of your hard work.

John Tarley

Tarley Robinson, PLC,  Williamsburg, VA – Attorneys and Counsellors at Law

John Tarley

John Tarley

John is the firm's managing partner and chairs the firm's small business, zoning, and litigation practice areas.

More Posts - Website

Follow Me:

Filed under: Business Planning, John Tarley by John Tarley

Comments are closed.

« | »
  • Phone Numbers

    (757) 229-4281- Office

    (757) 229-7439 - Fax
  • Address

    4801 Courthouse Street Suite 122 Williamsburg, Virginia 23188
Web Development by OneWaveMedia.Com