If your company faced an IRS audit or a lawsuit would your corporate veil shield your personal assets and protect your corporate tax status? Would you be personally liable for your company's debts?
Your corporate record book is the key! The condition of your corporate record book relates proportionately to the level of protection you have. The more complete and accurate your corporate record book is, the more impenetrable your corporate veil becomes.
It isn't enough to run and manage the day-to-day activities of your business. All your corporate decisions must be legally documented and placed in your corporate record book.
If you're like most business owners, the inconvenience, complexity, and legal expense involved in keeping a corporate record book have caused you to procrastinate.
The My Corporate Record Pro™ system is an easy and economical way for entrepreneurs to protect their personal assets and keep the limited liability they should have by operating as a corporation or limited liability company (LLC).
My Corporate Record Pro™ removes the complexity, dramatically improves the convenience, and slashes the expense of maintaining your corporate record book.
Here's how it works:
Instead of paying an attorney or other legal document preparer to create and maintain your corporate record book for thousands of dollars each year, you simply subscribe to My Corporate Record Pro™.
My Corporate Record Pro™ is a web-based service that creates the legal documents necessary to keep a complete and accurate corporate record book as the law requires. All key decisions you make regarding your company should be documented and kept in your corporate record book.
The system allows you to log in at anytime and follow a simple step-by-step process that asks you basic questions. As you answer the questions, your responses are formatted into documents that are legal in all 50 states.
In addition, My Corporate Record Pro™ will email you monthly reminders and ask a few important business related questions such as: Did you hire or fire an employee? Did you enter into any contracts or agreements? Did you finance a major purchase? Etc. Your responses prompt additional questions that are necessary for the system to generate the documents required for your corporate record book.
Other reminders are also sent for annual meetings, annual state and federal filings, quarterly tax reminders, etc.What key business decisions need to be documented? Here is a sample:
- Hiring or firing a key employee
- Entering into any type of lease (office space, vehicle, equipment, etc.)
- Opening any type of bank account (checking, savings, CDs, money market, merchant accounts, etc.)
- Entering into an employment agreement with key employees
- Hiring or retaining professionals, such as accountants, lawyers, consultants, business brokers, etc.
- Electing or changing your corporate tax year
- Changing your business address
- Changing your registered agent
- Approving a salary increase or a bonus for key employees
- Changing your corporate name or adopting a DBA ("doing business as")
- Dissolving your company
- Doing business in another state
- Electing "S" corporation tax status
- Adopting and registering a trade name
- Giving specific authority to the officers or managers of your company to make certain decisions
- Changing or restating your articles of incorporation or articles of organization
- Changing the number of shares of stock that are authorized
- Selling or borrowing against certain company assets
- Obtaining a line of credit or borrowing money
- Obtaining a mortgage
- Authorizing miscellaneous expenses such as travel and entertainment expenses.
- Changing your corporate bylaws or operating agreement
- Making major purchases (vehicle, equipment, tools or real estate)
- Investing money in another business or buying shares of another company
- Obtaining licenses and permits needed to carry on business
- Implementing a pension plan or a profit-sharing plan or any other kind of qualified (401k plan) or non-qualified retirement plan
- Removing officers, directors, or managers
- Appointing a new officer, director, or manager
- Obtaining a trademark or a patent
- Joining a country club
- Lending money to another (including shareholders, members, directors, managers, etc.)
- Defending against or initiating a lawsuit
My Corporate Record Pro™ was created to assist corporations and LLC's to keep accurate and complete corporate records at low cost. To this end, My Corporate Record Pro™ guides you step-by-step through the often confusing and time consuming maze of corporate record keeping. In just a few minutes, you can create all the necessary documentation so that your corporation or LLC complies with required legal formalities, including:
- holding and documenting shareholder meetings
- holding and documenting board of director meetings
- holding and documenting member meetings
- holding and documenting manager meetings
- documenting action taken without a meeting using a written consent
You may be asking yourself, "Why bother to prepare minutes of meetings or written consents for important corporate decisions?" Here are a few excellent reasons:
- Annual corporate meetings are required under state law. If you fail to pay at least minimal attention to these ongoing legal formalities, you may lose the protection of your corporate status.
- Your legal paperwork provides a record of important corporate transactions. This "paper trail" can be important if disputes arise. You can use this paper trail to show your directors, shareholders, members, creditors, suppliers, the IRS and the courts that you acted appropriately and in compliance with applicable laws, regulations or other legal requirements.
- Formally documenting key corporate actions is a good way of keeping shareholders and members informed of major corporate decisions.
- Directors and managers of small corporations or LLCs commonly approve business transactions in which they have a material financial interest. Your minutes or consent forms can help prevent legal problems by proving that these self-interested decisions were arrived at fairly, after full disclosure to the board of directors, shareholders, or members.
- Banks, trusts, escrow and title companies, property management companies and other institutions often ask corporations and LLCs to submit a copy of a board of director, shareholder, manager, or member resolution approving the transaction that is being undertaken, such as a loan, purchase or rental of property.
Spend some time on our site and get to know us. Take our Free Risk assessment. Take a moment and watch the Company Video. We're confident our system can make your corporate record book the least of your worries.