It is unfortunate that so many owners of small businesses will place a lot of emphasis on financial compliance, but not on legal compliance. A legal due diligence of your business is extremely prudent and is in any business owner’s best interests. Not only does it help you negotiate business deals from an informed basis, it helps you mitigate and understand legal risk, and makes your business attractive should you wish to sell. Yes, abiding to corporate governance is an attractive saleable asset! Besides, as a business owner, at the very least, you need to understand labour law. Do you know that there are instances where someone you regard as an independent contractor may actually be regarded as an employee! Yes, this means there could be adverse CCMA consequnces for you as a business owner.
We are in the process of putting together a guide to help business owners understand the legal regulatory framework within which their businesses operate. This will be available by the end of July 2014.
This Legal Health Check Guide for your business will assist you to navigate the following:
- types of business structures;
- tax law;
- insurance law;
- the Consumer Protection Act;
- competition law issues;
- business-rescue;
- debt-review as far as natural person owners of corporate businesses are concerned;
- environmental law;
- director liability;
- trust law (especially if a family trust holds the shares in a small business);
- leases;
- various types of agreements and when they are needed;
- implications of various pieces of legislation; and
- a plethora of other issues.
In the meantime, should you require a legal due diligence/legal health check of your business, then please email us for a non-binding quote on info@sitllegal.co.za.