by Monica Goyal
The beginning of the year is great time to do a legal check up. Consider the following as you go into the New Year.
3. Financials – If you are looking at your year in review consider your cash flow situation and, depending on your type of business, you may want to consider dealing with delinquent accounts. It may also be a good idea to analyze your current billing process and terms for your invoices. For example, adding a 30-day term condition to your invoices sets a clear expectation with your clients. You can save money, time and headaches by dealing with late-paying (or non-paying!) customers proactively.
4. Corporate Housekeeping – As you enter the New Year, you may be preparing your taxes and planning your annual general meeting. Make sure to update your minute book, and to make any necessary changes to it. Remember to file a Form 1, Initial Return/Notice of Change by an Ontario Corporation, if there has been a change to your list of directors or other corporate information such as the main corporate address. You need to file these changes 15 days after the changes take place.
While there are many things you can, and probably should, do to keep your business current and running smoothly, starting on the four things above can get your year off to a great start.