As we enter the new year, many of us reflect on what we accomplished over the last 12 months and what lies ahead. For business owners, this time of year isn’t just about celebrating achievements — it’s also the perfect opportunity to evaluate your business’s legal standing, address potential risks, and make strategic moves to position your company for continued success.

Whether you’re starting a new business, expanding an existing one, or simply ensuring that your current operations are compliant with changing laws, now is the ideal time to assess and improve your business’s legal foundation. As your trusted business attorney, we’re here to help guide you through the essential steps to take as you plan for the year ahead.

Key Areas to Address for Your Business in the New Year

1. Review Your Business Structure

As your business grows, your legal structure may need to evolve. Whether you’re a partnership, LLC, or corporation, it’s important to regularly assess whether your current business structure is still the best fit for your goals. A review with your attorney can help ensure you’re minimizing liability, maximizing tax benefits, and setting yourself up for long-term success.

2. Update Your Contracts and Agreements

Contracts are the backbone of any business. They protect your interests and set clear expectations with clients, vendors, and partners. At the start of the year, it’s a great time to review existing contracts to ensure they are up to date with any new laws or regulations. Whether it’s updating customer agreements, internal business agreements with partners, or vendor terms, make sure everything is clear, enforceable, and compliant.

3. Compliance with Changing Laws and Regulations

The legal landscape is constantly evolving, with new laws and regulations impacting businesses every year. From tax laws to labor regulations, ensuring that your business is in compliance can save you from costly penalties down the road. Take the time to consult with an attorney to ensure that your business is up to date on all necessary legal requirements, including local, state, and federal laws that may have changed.

4. Protect Your Intellectual Property

 Whether it’s a new logo, product design, or proprietary process, intellectual property (IP) is often one of a business’s most valuable assets. This is the time to assess your current IP protections and determine if action is needed.

5. Review Employee Policies and Practices

 As your business grows, so does the complexity of managing employees. Start the year by ensuring your employee handbook and workplace policies are up to date. With ever-changing employment laws around wage laws, family leave, and workplace safety, an attorney can help you make sure you’re following best practices to avoid legal challenges and maintain a positive work environment.

6. Consider Your Business’s Exit Strategy

 Even if you’re not planning to retire anytime soon, it’s never too early to start thinking about your exit strategy. Whether it’s selling your business, transitioning it to a family member, or going public, having a clear plan in place can ensure a smooth transition when the time comes. An attorney can help you draft the necessary legal documents and contracts, and guide you in choosing the right exit strategy for your personal and professional goals.

7. Manage Risk and Liability

 Every business faces risks — from lawsuits to accidents to unforeseen disruptions. A solid risk management strategy can minimize these risks and protect your business’s future. Whether it’s reviewing your policies, revising contracts, or addressing potential liability issues, working with an attorney ensures that you’re not only complying with the law but also taking proactive steps to safeguard your assets.

Setting Your Business Up for Success in 2025

As the new year begins, take time to ensure that your business is operating on a solid legal foundation. A comprehensive legal review and strategic planning with an experienced business attorney can provide you with peace of mind and help you avoid costly mistakes in the year ahead.

We’re here to help you navigate the legal aspects of running your business, from formation to growth to eventual exit. Let’s work together to make 2025 your most successful year yet!

Wishing you a prosperous and legally sound New Year!

 #businessattorney #outsidegeneralcounsel #contracts #businesslegal #minimizerisk

J. Miller Law Firm

https://jmillerlawfirmpllc.com/

918-938-1322

The post New Year, New Opportunities: Time to Set Your Business Up for Success first appeared on Jamie Miller Law | Tulsa Business Lawyer.

What Is Business Succession Planning?

Business succession planning involves creating a legal roadmap to transition your business ownership and leadership when you retire, step back, or in the event of an unforeseen circumstance. This critical process ensures continuity, protects your business’s value, and minimizes disputes among stakeholders.

Whether you plan to pass your business to family members, sell it to a partner, or transition leadership to a trusted employee, J Miller Law Firm will help you create a tailored succession plan that aligns with your goals.

Why You Need a Business Succession Plan

Failing to plan for the future can leave your business vulnerable to financial losses, leadership disputes, and operational disruptions. A well-crafted succession plan can:

• Ensure Continuity: Avoid disruptions to your operations by having a clear plan for leadership transitions.
• Protect Business Value: Safeguard the financial health of your business and maximize its value during a sale or transfer.
• Reduce Family Conflicts: Address potential family or partner disputes by clearly outlining your intentions.

At J Miller Law Firm, we take a proactive approach to business succession planning to give you peace of mind knowing your business is in good hands.

Comprehensive Business Succession Services

As your trusted business succession planning attorney in Tulsa, we offer a full range of legal services to support your transition:

• Family Business Transfers: If you’re passing your business to the next generation, we help structure the transition to preserve family harmony and discuss tax concerns with your CPA.
• Buy-Sell Agreements: Establish clear terms for transferring ownership to a partner or co-owner, including valuation methods and funding arrangements.
• Key Employee Succession: Plan for leadership transitions by training and preparing key employees to take on new responsibilities.
• Exit Strategies: Develop a strategic plan to exit your business on your terms while maximizing financial outcomes.
• Estate Planning Integration: Coordinate your business succession plan with your personal estate plan to achieve comprehensive asset protection and legacy goals.

Why Choose J Miller Law Firm?

At J Miller Law Firm, we understand the complexities of business succession planning and provide personalized solutions to fit your unique needs. Here’s why Tulsa business owners trust us:

• Tailored Approach: No two businesses are the same. We craft customized succession plans that reflect your values and priorities.
• Experienced Counsel: With extensive experience advising business owners, we know how to navigate the legal and financial challenges of succession planning.
• Collaborative Process: We work closely with your financial advisors, accountants, and family members to create a cohesive strategy.
• Local Expertise: As a Tulsa-based firm, we understand the unique dynamics of Oklahoma businesses and provide practical, actionable advice.

Secure Your Business’s Future Today

Planning for the future of your business is one of the most important steps you can take to protect your hard work and legacy. At J Miller Law Firm, we’re here to help you create a comprehensive succession plan that ensures a seamless transition and preserves the value of your business for years to come.

Contact J Miller Law Firm today to schedule a consultation with an experienced business succession planning attorney in Tulsa. Let us guide you through the process and provide the peace of mind you deserve.

The post Business Succession Planning Attorney Tulsa first appeared on Jamie Miller Law | Tulsa Business Lawyer.

• Legal advice while your business is temporarily closed
• Help with restructuring amid the current climate
• Online mediation and arbitration to settle a dispute outside of the closed court systems
• Proactive estate planning

I would like to discuss these ideas with you if you’re interested in filling your downtime with a little legal due diligence.

Contact me or schedule an appointment online to learn more!

Click here to watch this video on YouTube!

The information contained in this video is not specific legal advice. Watching this video does not establish an attorney-client relationship. If you are seeking specific legal advice, please feel free to call me or schedule an appointment online.

The post Legal ‘To Do’ List? I Can Help! | Video first appeared on Jamie Miller Law | Tulsa Business Lawyer.

If you have ever dreamed of starting a business or buying an existing business, I would encourage you to do so but think it through carefully, and start it the right way. By starting it the right way, I mean don’t shortcut the steps you need to take. Starting a business from scratch, or buying an existing business are important decisions, and missing steps or making decisions you later regret can have serious legal and tax consequences.

Steps to Consider if you are Starting a Business

Create a thorough business plan AND budget

Having a thorough business plan (and budget) in place is something that often gets overlooked in the initial excitement. I am also a mentor and subject matter expert for SCORE in Tulsa, and there are free resources for business plans available through SCORE, as well as other entities. Just like with anything else though – don’t use just anything you find on the internet. These decisions are too important to take lightly. A link to SCORE business planning resources can be found here:  https://www.score.org/business-plans-startup-assistance-resources. 

Decide how you will structure your business

You also need to decide on a formalized structure for your business, such as a corporation or a limited liability company. This is a conversation I would encourage you to have with an attorney as well as your tax advisor, working together. The Secretary of State website is a great place to start for resources/forms, but submitting that filing is not the end of the process. Depending on the structure you choose, you will also want to have governing documents professionally drafted, such as an operating agreement, partnership agreement, or bylaws, as well as buy-sell agreements if there are multiple owners. 

File for licenses or permits

Depending on the type of business, there may be licenses or permits needed, as well as additional registrations for tax purposes, such as the Oklahoma Tax Commission if you will be selling taxable goods and/or services. 

Hire employees or contract independent vendors

The conversation about employees versus independent contractors is also important, and there are many factors that go into that decision. Misclassifying workers as contractors when they are actually employees can have serious consequences. Again, consult with an attorney about these issues, and your tax professional should be in the loop as well.

Draft contracts for vendors, clients, customers, contractors, and employees

Every business needs solid written contracts in place. These may be contracts with vendors, clients, customers, contractors, and occasionally employees. It is often less expensive for preventative legal services such as contract drafting and negotiation than trying to fix a bad contract later or litigate it after there is a problem.

These are just a few of the steps involved in starting a business.  Having a solid business plan in place, as well as professionals to guide you through the process can help to make it manageable and get you up and running smoothly. 

If I can help you with starting a business 2020, I would love to hear from you!  To schedule a consultation:  918-938-1322 or jamie@jmillerlawfirmpllc.com.

The post Starting a Business in 2020 first appeared on Jamie Miller Law | Tulsa Business Lawyer.

I often work with clients as well as #SCORE mentees who are starting businesses or buying an existing business, and one thing that is often overlooked at that stage is what do they want to happen to the business if something happens to them? This question gets more complicated if you are in a business with one or more partners, particularly if that person is not your spouse, or if that spouse is not regularly engaged in the business. If you are not careful, you could easily find yourself in business with a former partner’s spouse or their estate. That is probably not the plan you envisioned for running your business.

Another issue is if you are in a specialized industry or one that requires a license such as attorney, certified public accountant, doctor, insurance agent, realtor, etc. – there may be restrictions on who can take over your business affairs if you cannot.

Your business has ongoing needs that will need addressed, whether it is a situation where you are in the hospital for a few weeks and can’t respond to clients or get bills paid, or you are deceased and decisions need to be made on whether the business continues, is sold, or closes.

The answers to what your business succession plan is are personal to you and your business, and the specifics depend on your corporate structure, your governing documents (if you don’t have these –that is another conversation), whether you have business partners, your business goals, and your overall estate plan. 

If you would like to talk about your plans and how I can help you, feel free to contact me at jamie@jmillerlawfirmpllc.com or 918-770-7810. 

The post What Is Your Business (Succession) Plan? first appeared on Jamie Miller Law | Tulsa Business Lawyer.