The start of the New Year is an ideal measuring point for your business – where are you and where are you going? While most are fast away at organizing and preparing for tax season, do not forgot other areas of your business that could use some attention. Our guest today was Rochelle (Shelly) Walk, Attorney and Owner of the Walk Law Firm. She has been court-appointed as a receiver and mediator, and is a member of the FINRA arbitration and mediation panels. She is known for her negotiating skills and the ability to bring parties together in win-win, creative solutions and offers a practical and business-oriented approach to the practice of law. Her background in business enables her to relate well to clients and to quickly define the work and potential solutions.
The first topic highlighted was compliance issues. Specifically, the annual report that is required of Florida based business owners each year. This report, which is available for all to see and learn about at www.sunbiz.org, is a requirement each year for anyone incorporated in Florida. It is a fee dependent on the business structure type and is a nominal fee compared to the penalty incurred if you fail to file the report by May 1st. The annual fee is $150 for a for-profit corporation, $61.25 for a non-profit corporation, $138.75 for an LLC and $500 for a LP or LLLP. Many accountants will offer this as a service to clients but you should verify this filing prior to May 1st by going to www.sunbiz.org and checking that your corporation is active. Failure to do this will result in a heavy penalty after May 1st and continued non-compliance will result in dissolving of the corporation.
Another area that the Walk Law Firm specializes in and advises clients to review this time of year is their contracts. No business owner outside of law enjoys discussing contract lingo but it is the backbone of many business relationships. Having a proper understanding of the ins and outs of your relationships is key to prolonged success with your partners. Take time now to review and if you need help, reach out to the Walk Law Firm for guidance.
A new year also brings the opportunity for an annual review with your staff. While not required, all staff members should have and will benefit from an annual performance review. Take time to update your employee handbook too and if you do not have an employee handbook, then consider the Walk Law Firm to help you get that setup. Human resource compliance is a huge liability for a business and one area that you should not skirt on. Take the time to properly document all hours worked, reviews given, and any absences and disciplinary actions for your staff. Down the line, you will be glad you did. If you are ever presented with a legal dispute, documentation is often the deciding factor! Learn more about the Walk Law Firm at www.walklawfirm.com or give them a call today for any and all business legal services at 813-999-0199 and you can find the complete interview at www.thatyoutubechannel.com and please subscribe to us for more entrepreneurial discussions each day on That Business Show. Find us on iTunes as well and please leave a review and subscribe, this helps us continue to grow!