If you're a business owner, you know it's not uncommon
to sprint to get a new business off the ground. However, in all the
excitement, it is easy to overlook legal requirements that may be
critical to protecting your business and limiting complications
down the line.
If you have weathered the startup phase and achieved a more
stable footing, it may be the perfect time to step back and assess
whether the current path of your business aligns with your
long-term business goals.
Are Your Business Records in Good Order?
A good starting point for this assessment is to consider the
current state of your business records. It is crucial that all
businesses adopt an effective record-keeping system. The business
structure (e.g. sole proprietor, partnership, corporation) that you
have chosen will partly dictate the kinds of records that you are
required to maintain. For example, The Corporations Act
(Manitoba) requires corporations to prepare and maintain certain
records,
