As we begin 2024, January is a great opportunity for business owners to review and consider updating their legal documents. This article provides a summary of which documents you should consider reviewing and updating to keep your business on the front foot as 2024 progresses.
Contracts and Agreements
Any legal review should begin by examining current contracts and agreements. This can include any employment contracts, vendor agreements, client contracts and any other legally binding documents. On review, consider whether all terms and conditions are still relevant, and update them to reflect any changes in your business operations or legal requirements.
Employment Policies
2024 is set to be a significant year for employment law. Changes to holiday pay, flexible working requests, working time records, “TUPE” and updates to the Equality Act are all on the horizon and business owners will do well to be prepared before any changes take effect.
A review of your employment policies and handbooks will assist with any updates to reflect the upcoming changes.
Data Protection
Make certain that your business complies with the latest data protection laws, such as the General Data Protection Regulation (GDPR). Clearly outline how you collect, use, and store data, and update your policies accordingly. Consider any training to reflect the latest regulations.
Intellectual Property
Review your IP portfolio, and consider any trademarks, patents, and copyrights which your business currently registers. Confirm that all registrations are up to date and that you have adequate protection for any new products or services your business may have introduced. Update your IP strategy as needed to align with your current business operations.
Corporate Governance Documents
Corporate governance documents such as articles of association should be reviewed annually. Evaluate these documents to make sure they accurately reflect your company’s operating processes and that they represent the correct company structure. If there have been any changes in ownership or management, update these documents to reflect this.
Regulatory Compliance
Consider a review of your regulatory compliance documents to ensure compliance with industry-specific regulations. This may include permits, licenses, or certifications. Stay informed about any changes in your industry’s regulatory landscape and update your documents accordingly to avoid legal complications.
Insurance
Review your existing insurance policies to ensure that they provide adequate coverage for potential risks your business may face. Consider consulting with an insurance professional to assess whether your current coverage aligns with your business needs and any changes in your operations.
Howell Jones Business Services & Employment Law
By annually reviewing and updating your legal documents, you not only stay compliant with the law but also mitigate potential risks to your business by being ahead of any changes to your relevant industry.
If you require further information about the information provided in this article, please contact our Business Services Team. Our employment lawyer, Chloe Baxter can assist your business in respect of employment contracts or policies and our commercial lawyer, Sophie Kimber can assist with company-related documents.
Through consulting a legal professional, your legal documents will not only be up to date, but they will also align with your business objectives.
