Are Your Personal Assets Protected?

Every type of business entity, whether it’s a corporation, limited liability company or partnership should be keeping business records to protect the personal assets of the company’s owners. It’s less likely that the corporate veil will be pierced if you’re documenting company meetings and actions. Why? Because it shows you're serious about running your company as a legitimate business.

Too many times business owners get sued and are scrambling to clean up their corporate mess at the last minute. Also, if you aren't paying attention, your entity could be administratively dissolved. There is no corporate veil if you're not in good standing with your company's state of domicile.

Don't wait until something happens to get organized!  This information should help you get started.

A minute book typically consists of key documents related to the organization of your company. This includes:

1. The company’s Articles of Organization or Incorporation and any amendments
2. The Affidavit of Publication (if applicable)
3. The letter from the IRS confirming the issuance of a tax identification number
4. Organizational/annual minutes and resolutions
5. The company’s Operating Agreement or Bylaws
6. Any annual reports that have been filed
7. Any other information, such as business licenses or other information required for your business.

It’s a good idea to keep backup copies of this information in another place in case your minute book is destroyed.

If you need more information about managing your legal entity, would like help with assembling your company’s minute book or need a new LLC or corporation, call us at 602-350-2151.