Why do I need to a legal health check for my business?
Date published: 2021-02-16 — by Will Elton
It’s easily done when you’re busy running a business, but you may find you’re overlooking having your proper documentation in place. This may well come back to bite you in the future. Having your legal documents sorted, signed, and stored together from the start will not only give you peace of mind but also easy accessibility for when you need them in the future. This Legal Startup Health Check helps you identify the documents you will need at the various stages of running your business, including business set up, fundraising, and staffing.
What is a Startup Health Check?
The Legal Health Check is a tool that helps you pull together all the documentation you need at the various stages of running a business. This is everything from the set up of your business, to the fundraising, staffing, and more.
Additionally, it’s a great way to start out with the Zegal app to make use of the services that will take your business from startup through to all the stages of growth with all the proper documentation your business will need.
Take the 10-minute quiz to check your startup’s blood pressure. Then, once you’ve answered all the questions, you will be given a personalised report that will guide you through the documents you’ll need.
Why do I need a startup health check?
Simply put, you need a health check for the same reason you would hire a lawyer or a consultant. As an entrepreneur, you’ll want to know how your business is running or how to get it fired up. Also, how you can get the investors you need or to provide the correct legal documentation for your investors. Health checks can also help you identify the team you need or how you can get your sales going. A health check will help you identify the different documents you will need along with the various steps for your business. It will also help you see clearly what steps you’ve already taken and fill in any holes in documentation.
For example, a shareholders’ agreement is not a mandatory document by law. However, any consultant will recommend you to have a formal shareholders’ agreement for your business for clarity, functionality, and as a proper course of action. This legal health check will identify similar points for you without the consultant payment.
How will a health check help my business?
Inadequate documentation is one of the major problems for startups and businesses which do not have in-house counsel. A startup health check will help your business filter out what you need and what you don’t need, based on an action plan for your business. This way you’ll avoid the risk of not having correct documentation or a formal record of events and decisions. Additionally, you avoid having multiple versions of documents which may later become a nightmare to amalgamate the information from. A health check also helps you avoid compliance issues. Finally, it will save you money as it’s far less expensive on an online platform like Zegal.
Having a law firm draft a Startup Health Check from scratch ranges from between HK$ 5,000-$30,000.
The Zegal Template Library
Zegal’s template library represents a complete and curated list of essential and premium business templates that can be used directly, for everyday business needs. Importantly, whether you’re a startup or a larger enterprise, you will find that our Zegal automation solution allows anyone to create a legal agreement, any time, anywhere. All without a need for an expensive lawyer. Why do we do this? Well, we think that running your business day-to-day is important, and having these templates at your fingertips allows you to not miss a beat!
Lawyers draft and curate all of our legal templates for ease of understanding using plain English. Just fill out our guided questionnaires, and we will create the contract for you. Using our patent-pending expert rules engine, we automate the creation of complex legal contracts.
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