Seven legal checklists every small business should keep
Keep seven simple checklists up to date and most legal fire drills become a matter of pulling a file instead of rebuilding one.
Readiness is a habit
Lenders, buyers and investors all ask for the same core documents. Companies that keep them current close faster and negotiate from a stronger position. None of this requires a lawyer every month, just a calendar reminder and a shared folder.
The seven lists
- Entity records: formation documents, annual reports, ownership ledger.
- Governance: operating agreement or bylaws, consents and minutes.
- Contracts: top customers, key vendors, leases and loans.
- People: offer letters, contractor agreements, handbook acknowledgments.
- Intellectual property: trademark filings and signed assignments.
- Insurance: current policies and renewal dates.
- Compliance: licenses, permits and tax registrations.
| List | Review cadence |
|---|---|
| Entity and governance | Annually, and on any ownership change |
| Contracts and insurance | Quarterly |
| People and compliance | Twice a year |
"Diligence is easy for companies that were ready before anyone asked."
Start with one
If seven lists feel like a lot, start with entity records. Ownership questions are the first thing any buyer or lender will ask, and the hardest to reconstruct later.
Common questions
Any secure shared drive works if access is limited and one person is responsible for keeping it current.
Yes. A one-time records review and folder setup is a common fixed-fee project.
Formal minutes are not always required, but written consents for major decisions create a clean record.
Julian Pruitt
Julian advises owners across the Charlotte region on contracts, formations and deals. This article is general information, not legal advice for your situation.
About Julian
