Law Meet
Law Meet with http://www.lawmeet.com

Law Meet

Law Meet

The Best Law Meet website

All the Law Meet information you need to know about is right here. Presented and researched by http://www.lawmeet.com. We've searched the information super highway far and wide to provide you with the best Law Meet site on the internet today. The links below will assist you in your efforts to find the information that you are looking for about
Law Meet, this web site also contains detailed information about mesothelioma diagnosis, mesothelioma treatment, clinical trials, and medical breakthroughs. You will also find useful resources such as lists of physicians and medical centers, as well as Lipitor, Asbestos and Vioxx.

Law Meet
Law Meet, , Law Meet, , Law Meet,
http://www.meetingsonthenet.com/
CLICK HERE RIGHT NOW

I Comply, You Comply, We Comply ... Are You Sure?

 by: Robert Neuberger

Failure to follow corporate formalities may expose corporate officers, directors and shareholders to personal liability. Maintaining good records, including corporate minutes, on a timely basis goes a long way toward maintaining the limited liability benefit of a corporation.

If incorporating was your first step to a new and safe way to do business, compliance with the law is the easiest way to keep you safe from any liability associated with they way you manage your company.

There are many reasons to pay attention to the formalities associated with running a corporation: Business corporation laws require articles of incorporation and bylaws and specify other things that must occur.

Articles of incorporation and bylaws form a contract between the corporation and its shareholders, obligating the corporation to act in accordance with the articles and bylaws.

Directors and officers owe the corporation and shareholders a fiduciary duty to use good faith, exercise due care, and act in the best interests of the corporation. Majority shareholders must act in good faith, in a manner not calculated to oppress the rights of minority shareholders.

Corporate formality must be respected and observed to preserve the integrity of the corporation and to shield officers, directors, and shareholders or related businesses from personal liability.

Don't think that for the fact that you can be the only person holding all the positions of a corporation you are out of keeping your company in compliance. Small companies also have duties with State Agencies, providers and even customers.

Why Are Minutes So Important?

It's the law. Nothing more clear than that. Minutes are legal records that document actions and support business decisions made by the principals of the business throughout the year. Minutes help you to separate your own affairs from the company's actions. It is the way to protect you from liability.

During an IRS audit a privately held company may be required to produce the minutes of the company. If they do not, or can not give the minutes to the IRS agent, the problems stand as found. There is no negotiation with the IRS.

State law requires corporations to prepare annual minutes and in many cases; failure to do so has contributed to piercing of the company veil resulting in exposure to the principals.

As mentioned, without current and complete minutes, corporate players could be held personally liable for the actions of the corporation.

Protect Yourself

Your legal protection could be in jeopardy if a creditor successfully pierces the corporate veil due to the corporation's failure to keep minutes.

Good recordkeeping habits and paying attention to detail are necessary for any successful business. Now you know it.

About The Author

Robert Neuberger is the President & CEO of Active Filings LLC, a national incorporation and corporate services company (www.activefilings.com)

Google

http://www.meetingsonthenet.com/
Broadcast On the Net | Present On The Net | Internet Meetings | Go Meetings | Take It Right

Forum On The Net   Medical Meetings   Affordable Used Cars