MEMCON--MEMO OF CONVERSATION

You never know when a business record may be of crucial importance in commercial litigation.  Sooner or later any commercial establishment will find itself in litigation.  So, let us wax eloquent on the MEMCON--or the memo of conversation.  What the hell is this?  You have a phone discussion with someone regarding a deal, or a complaint, or just about anything, after the convo, you write a summary of who said what to whom.  That is your MEMCON, and it can be allowed in a trial as a business record, as long as it is the regular course of your business to make MEMCONs, it was made in the regular course of business, and was created on or about the time of the conversation memorialized.  Dig your well before you are thirsty, and start using MEMCONs as a regular business practice. You'll be glad you did.

INVOICE MORE OFTEN

Billing just once a month and not getting paid and then waiting another month to bill again?  Boo on you!
Bill as soon as the work is performed, bill two weeks later, and then if you don't get paid at the end of the month, give them a call, and if necessary keep billing every two weeks until you are paid, or until you sue the bastards.  Bill more often, get paid more often. Sound good?

SHAREHOLDER/OPERATING AGREEMENTS

Whether you are a shareholder of a corporation or a member of an LLC, you need to have a shareholder agreement or operating agreement to explain the rights and obligations of the co-owners.  Absent such an agreement, you can expect trouble and expense when somebody wants to sell, or when somebody dies.  Time and time again, I have seen business people put off drafting and executing such agreements, and time after time, I have seen those with no agreements wind up in expensive and time consuming litigation to have a court determine what their respective rights are.  Bad idea.