Protection of personal assets

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In recent times many people have got this important question. Are my personal assets protected? Every different type of business entity, whether it is a limited liability company, corporation,  or partnership should be keeping business records to protect the personal assets of the owner of the company. There is a low chance that the corporate veil will be pierced if you are documenting company actions and meetings. And why is there this behavior Because it shows that you are serious about running your company as a business which is legitimate.

It happens to often that business owners get sued and are scrambling to clean up their own corporate mess at the last minute. And so, if you are not paying attention it could be happen, that your entity could be administratively dissolved. If you are not in good standing with your company’s state of domicile there is no corporate veil.

It do not help to wait until something happens to get organized! This information should help for the first start. Write down a minute book. A minute book typically consists of the key documents related to the organization of the company. Such a minute book includes the following things:

1. The Affidavit of Publication if applicable

2. The letter from the IRS confirming the issuance of a tax identification number

3. The company articles of organization or incorporation and any amendments must be written down

4. Annual minutes / organizational and resolutions

5. The company’s operating agreement or bylaws

6 At the last any other information, such as business licenses or other information required for your recent business.

7. Any annual reports that have been filed 

It is also well accepted to keep backup copies of this information in another place in case your minute book is destroyed or something else happens.

08.04.2010

 
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