During the office confrontation between Michael Bivins and Louil Silas, Michael mentions being part of the MCA/Universal family. At the time this scene is set (1985), MCA was an independent label; it wasn't purchased by Universal until 1996.
During the poolside meeting between Ralph Tresvant and Louil Silas, Ralph mentions an offer he had from Hollywood Records, to which Louil asks, 'Disney?' The scene would be taking place around 1986/7; Hollywood Records wouldn't be founded for another four years.