Essential Legal Steps to Close Out Your Business for 2024

Essential Legal Steps to Close Out Your Business for 2024

Blogs
December 02, 2024•3 min read

As 2024 comes to an end, it’s important to take care of any financial and legal matters to make sure you’re ready for 2025. If you’re in real estate or own a business in Florida, there are some key things to check off your list to stay compliant and avoid problems. Here’s a simple guide to help you get it all done.

1. Review Your Real Estate Contracts and Leases

If you own or manage real estate, make sure to:

  • Check leases: Are any leases ending soon? Decide if you need to renew or adjust the terms.

  • Confirm tenant payments: Make sure tenants are up to date on rent and other obligations.

  • Complete transactions: If you’re buying or selling property, make sure everything is on track to close by the end of the year.

2. Do a Financial Check-Up

You don’t want any surprises when it comes to taxes or money:

  • Prepare for taxes: Work with an accountant to make sure your finances are in order and you’re ready to file your taxes.

  • Review property taxes: If you own real estate, check to make sure your property taxes are paid and up to date.

  • Clear debts: Pay any outstanding bills or debts before the year ends to start fresh in 2025.

3. Stay on Top of Local Laws

Laws can change, so it’s important to stay updated:

  • Check Florida laws: Make sure you’re following any new state or local laws related to real estate, like property taxes, building codes, or tenant rights.

  • Update licenses: If you’re a licensed real estate agent or business owner, make sure your license is up to date for the new year.

  • Environmental rules: If you own property, check that you’re following environmental rules, like those for flood zones or waste disposal.

4. Get Your Business Ready

If you run a business, here are some things to check:

  • Employee paperwork: Make sure you’ve given your employees their W-2s or 1099s if you’re required to. Also, make sure payroll and benefits are up to date.

  • Business structure: Review your business setup (LLC, corporation, etc.) to ensure everything is in order for 2025.

  • Review insurance: Check your business insurance to make sure it’s still the right coverage for your needs.

5. Plan for Taxes and Estate Planning

It’s a good time to think about taxes and the future:

  • Tax planning: Talk to your accountant about tax breaks you may qualify for, especially if you own property or run a business.

  • Update your will or trust: If you own a business or real estate, make sure your will or estate plan is up to date in case something happens.

6. Check Your Risk and Liability Coverage

Make sure you’re protected:

  • Insurance check: Review your business and property insurance to make sure you have the right coverage in place for accidents, damage, or lawsuits.

  • Compliance audit: If you’re worried about following the rules, consider doing a simple audit to make sure you’re in compliance with all laws and regulations.

7. Get Ready for Changes in 2025

Things are always changing, so it’s good to plan ahead:

  • Market trends: Keep an eye on the real estate market and business trends to know what to expect in 2025.

  • New laws: Be aware of any new laws or regulations that might affect your business or real estate holdings next year.

Conclusion

Taking care of these financial and legal tasks at the end of the year will help you avoid problems and be ready for the year ahead. Whether you’re a real estate investor or a business owner in Florida, getting organized now will save you time and money later. Follow these steps, and you’ll be all set for a smooth start to 2025.

Year-End Legal TasksFinancial Planning for 2025Real Estate ComplianceFlorida Business Law
Bishoy has spent his entire 11 year legal career focused on real estate and financial transactions. He has represented developers, investors and financial institutions in transactions totaling over $12 Billion to date. Bishoy began his legal career in New York City, where he worked on commercial real estate transactions for a large hotel developer in Manhattan. When Bishoy moved back to Florida, he concentrated on finance law, representing local governments, banks, underwriters, bondholders and trustees in complex financings. Subsequently, Bishoy shifted his focus back to real estate, representing a wide array of real estate developers, builders, lenders and real estate brokerages for all their legal needs. Bishoy is an active member of the Florida Bar and the New York Bar. He is also a licensed real estate Broker in Florida. Outside of the legal profession, Bishoy enjoys playing sports and traveling. He also co-founded a sports event management company with high profile clients such as Jameis Winston, Todd Gurley, Le’Veon Bell, DeSean Jackson and the North Carolina Mens Basketball Team.

Bishoy Habib

Bishoy has spent his entire 11 year legal career focused on real estate and financial transactions. He has represented developers, investors and financial institutions in transactions totaling over $12 Billion to date. Bishoy began his legal career in New York City, where he worked on commercial real estate transactions for a large hotel developer in Manhattan. When Bishoy moved back to Florida, he concentrated on finance law, representing local governments, banks, underwriters, bondholders and trustees in complex financings. Subsequently, Bishoy shifted his focus back to real estate, representing a wide array of real estate developers, builders, lenders and real estate brokerages for all their legal needs. Bishoy is an active member of the Florida Bar and the New York Bar. He is also a licensed real estate Broker in Florida. Outside of the legal profession, Bishoy enjoys playing sports and traveling. He also co-founded a sports event management company with high profile clients such as Jameis Winston, Todd Gurley, Le’Veon Bell, DeSean Jackson and the North Carolina Mens Basketball Team.

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