April 2, 2019
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 or corporation? Yes, but formation is only one part of it. There’s maintenance as well. Legally, most states have laws providing that the owners and managers of a business (e.g., the shareholders and directors if a corporation and the members if an LLC) have an annual meeting. At the annual meeting, you are supposed to choose who will run the company for the following year. Even if you’re a solopreneur and hold all the posts, you’re supposed to have a meeting to confirm the decision. If you don’t, you are technically in violation of the law and have just given your creditors a basis for ignoring the limited liability shield you spent good money to establish. For other reasons why…
Continue ReadingAlthough my colleague, Howard Greenstein, wrote his post “How to Honor September 11th” several years ago, I still think it has enormous value today. Wouldn’t it be something if we really could turn this day…
Read MoreIt’s coming up to that time of year again. The time that most business owners dread. Tax season. Most entrepreneurs would rather have root canal surgery without anesthesia than go through the nightmare that is…
Read MoreWhat struck me about my conversation with Alicia Marie Fruin, a national leader in coaching and training for small-business owners, and founder of PeopleBizInc.com, is that she so quickly zeroed in on where entrepreneurs get stuck.…
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