How To Prepare Our Corporate Paperwork For Our Wealth? Entrepreneurs | Master Investor #wealth
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Summary:
Find out why having the right corporate documentation is essential to safeguarding our company and assets.
All of our company's documents should be in one location in our minute book.
When putting together our company's minute book, make sure to consult the appropriate individuals.
It's critical that our Corp, LLC or LP has the appropriate corporate documentation. If it is not in place, the corporate veil may be breached and unlimited personal liability may be imposed. When someone wins a lawsuit against the company and argues that they should be able to collect from the owner(s) personally because, the owners, failed to follow the corporate procedures, this is known as piercing the corporate veil. This is not what we want to occur. We want to protect ourselves personally, and every asset we acquire or build.
Create the company's minute book
The purpose of the corporate minute book is straightforward. We will be far better able to maintain our records up to date if we force ourselves to keep all of the company’s paperwork in one location, in one binder or a file online through our smart devices or computers. If one document is missing—for instance, the minutes of our previous year's annual meeting weren't prepared—we can easily identify the issue and fix it right away. We stay focused thanks to our minute book.
We may easily make our own minute book if we don't already have one. Get some dividers and a three-ring binder from any office supply store, and put in the following:
Corporations
Articles of Incorporation
The Secretary of State's Corporate Charter
Form for a Resident Agent submitted to the State
IRS-assigned Employer Identification Number on SS-4 notice
Bylaws
Meeting minutes (annual, special, and organizational, along with notices and waivers)
Distribute certificates (copies or originals)
Register for Shares
Form 2553 (should we have submitted a S corporation tax return)
Limited Liability Companies
Articles of Incorporation
Organizational Certificate from the Secretary of State
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