Good Housekeeping

Many entrepreneurs have law questions about company ownership and board meetings.  Some of the responsibilities of company ownership include holding board meetings, generating company financial reports, obtaining an employer tax ID and, sometimes, undergoing a business name change. Want to know more about company ownership and board meetings?  From my Ask Entrepreneur column, here are […]

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Q.:  I have just received my DBA and I’m ready to begin my own business.  I would like to clarify once for all if I can use (as I would like) my personal cash account for business purposes too. A friend of mine says so but on my bank website looks like I need a […]

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Q.:  I am the sole shareholder and director of a closely held corporation. I have failed to keep my board minutes book updated for several years. How do I go back now and update the board minutes? I know that corporate records cannot be falsified, so if I write minutes for board meetings that should […]

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Q.:  What document do I need to change who the sole member of an LLC is? A.:  The sole owner of an LLC owns 100% of the membership interests of that LLC.  What you require is called an assignment, which is a document that transfers the membership interests (company ownership) to you and states the […]

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Post image for Attend to Your Corporate Housekeeping

Yes, they’re cumbersome, but don’t ignore the corporate formalities if you don’t want creditors poking into your personal assets. Congratulations! You’ve taken the important step of protecting your personal assets by forming a corporation or limited liability company. But just as giving birth is only the beginning of your responsibilities of caring for a baby, […]

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Workshak’s post on limited liability partnerships (which pulls from Taxgirl’s post on ProBlogger) is right about one thing:  that limited liability partnerships (LLPs) are pass-through entities. What the post doesn’t address is that the LLP statutes in many states make the form less-than-ideal for many multiple-owner businesses.  For example, in some states, LLPs can be […]

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Post image for Why Corporate Housekeeping is Crucial

Lest my previous post be construed as just a plug to pay lawyer fees for no reason, here’s the primary reason that kind of corporate housekeeping is so important: You risk exposing your personal assets to creditors if you don’t do them. What? Wasn’t protecting your personal assets the whole point of forming an LLC […]

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After a couple of weeks of strategic planning, I’m once again ready to put first things first. Good thing, too, as the New Year is upon us. It was a conversation with Joyce Bone, Founder & COM (Chief Operating Mom) of MillionaireMoms.com, a few months ago that made me realize that I had gotten off […]

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Post image for Annual Corporate Housekeeping

Happy New Year. With the new year comes the sweeping out of the old, which is where your corporate housekeeping comes into play. Many entrepreneurs think their legal work is done once they’ve incorporated or formed a limited liability company. Not so. Most states’ statutes require you to compile a written record of your major […]

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Yes, they’re cumbersome, but don’t ignore the corporate formalities if you don’t want creditors poking into your personal assets. Congratulations! You’ve taken the important step of protecting your personal assets by forming a corporation or limited liability company. But just as giving birth is only the beginning of your responsibilities of caring for a baby, […]

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