In the day-to-day hustle and bustle of a busy business it is easy to set and forget much of your administrative paperwork. Unfortunately, when things go wrong, this paperwork becomes critical.
As such, every business should be reviewing and updating these critical areas before the year gets away from you.
It is essential that your Trade Marks are registered.
You must regularly review your business for any:
You put yourself in a better position to protect and defend your Trade Mark if your registration is up to date.
Terms and conditions
Are your terms and conditions (T&C’s) still fit for purpose? For example:
Protect the money you have invested in the business
Whether you’re doing this at the early stages of a business, purchase equipment or to support the restocking or staffing levels before a busy sales period, these funds can help improve cashflow however you should be careful to document how you have contributed funds to your business, as well as how much.
Consider documenting the investment of funds into your business as a secured loan, rather than recording the investment as equity.
Registering security interests
Have you registered all security interests granted under the contract?
As lawyers we regularly deal with the unintended and unwelcome consequences of business owners not updating these critical documents. When things go wrong you put yourself in a much better position if you have the above administrative paperwork up-to-date.
Partner Catherine Ballantyne is well placed to advise you in relation to all of these areas; Do not hesitate to contact Catherine or one of the Madgwicks team to discuss your own situation.