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Running a Corporation or LLC

When you formed your company, it probably didn’t come with an owner’s manual or a set of instructions on how to do minutes and resolutions.  

Unfortunately, business education in America today is through the process of trial and error. What are your responsibilities after forming your Corporation or LLC? Where do you get basic business information about what you’re supposed to do next? What questions should you be asking to make sure you are doing things the right way?

Watch Scott’s 2 minute video below where he explains your responsibilities in running a Corporation or LLC.

 

About Issuing Ownership

One of the most common mistakes business owners can make when they form a Corporation or LLC is to not issue the ownership certificates.

Whether you formed a Corporation or an LLC, you must properly record and issue your ownership certificates. Ownership can be issued to you, to your spouse, to your children, another business, or and even to a trust. There are a variety of strategies that can be implemented here to help the business owner!

In the following 2 min. video, Scott will explain the many options and the importance of issuing ownership certificates.

 

What is Corporate or LLC Compliance

Compliance is the rules and regulations that Corporation’s and LLC’s are required to follow.

When you formed your company you were given unique benefits. But to keep these benefits you must “act” like a Corporation or an LLC. Compliance ensures that you are following the proper rules of operation. If you want to be treated like a Corporation or LLC, your company needs to “act” like one.

 

Annual Meetings and Minutes

Each year your company is required to have an annual meeting on or about the anniversary date of your formation.

The recordkeeping here includes; giving notice, holding elections, making appointments, and written acceptances. All of this must in writing and be in your record book. It may sound silly, especially for single owner company, but a failure to meet this minimum compliance requirement can result in a loss of liability protection.

Watch this 2 minutes video to understand how minutes and meetings play into the requirements of your company.

 

Fixing Your Corporate Records

Haven’t kept up on your Corporate or LLC record keeping? The good news is you can go back and fix it! But you better not wait much longer.

This process of documenting your prior decision is called “reconstruction”. The general rules are:

  • You can go back and fix your records as long as you are not currently being sued or audited.
  • Never “back date” a historical decisions with a reconstruct document.
  • Always sign reconstructed documents using the current date.

In the following video Scott will review how you can reconstruct your Corporate or LLC records.

 

Have More Questions?

Save hours of research figuring out what your responsiblities are in running your company. Request a  no-obligation consultation with one of our associates and we’ll get you on the right track fast.

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