Corporations & Formalities
Starting a new business can be exciting and terrifying all at once. Business owners often have questions like which type of business entity should be set up, what are the advantages/disadvantages of each business entity type, how do I go about formalities, and how does one go about calling a meeting with a shareholder or shareholders. Just like everything else in life; there are pluses and minuses to each entity type. We are here to help navigate the options and can run scenarios to assist in your decision making process. The Business Entity Pros and Cons Handout provides an overview of the various entity choices.
What are Meeting Minutes & Importance?
Meeting Minutes are a record of the decisions made at the meeting, the outcome of votes, and which officers were present at the meeting. If your company undergoes an audit by the Internal Revenue Service (IRS), they may ask for the minutes to determine what actions the shareholders have voted for or against. Meetings are important because they protect shareholders from personal liability and prevent a court from penetrating the corporation veil. Each business entity has its own separate meeting requirements, but one thing that is similar between all entities is the need for meeting minutes. To help answer further questions please look at these Corporation Meeting Requirements or contact our office.
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