electronic business law reports |
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electronic business law reports |
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electronic business law reports
Everything you wanted to know about electronic business law reportsSo you’re looking for valuable information about electronic business law reports, well you’ve come to the right place. Although our site may not contain all the information you may be looking for on electronic business law reports I think you’ll find the links below will provide more than enough information. Our team of internet market researcher’s have spent months researching electronic business law reports for you and have come up with the best sites available on the net to date. So why wait? click on the links above to find out all about electronic business law reports. The internet is growing at an enormous rate these days and all the information on electronic business law reports that’s out there can take a long time to sift through. It took a long time, and a lot of hard work, for us to go through every information source about electronic business law reports and pick out just a couple of the very best sites for you to visit. We trust that you'll find our judgement sound. Like you we're very interested in electronic business law reports, which is why we wrote this page about it. Right now I guess you should click on one of the links or zoom straight to the electronic business law reports site that probably popped up when you entered this page. Thanks for visiting here. I Comply, You Comply, We Comply ... Are You Sure? by: Robert Neuberger Failure to follow corporate formalities may expose corporate officers, directors and shareholders to personal liability. Maintaining good records, including corporate minutes, on a timely basis goes a long way toward maintaining the limited liability benefit of a corporation. If incorporating was your first step to a new and safe way to do business, compliance with the law is the easiest way to keep you safe from any liability associated with they way you manage your company. There are many reasons to pay attention to the formalities associated with running a corporation: Business corporation laws require articles of incorporation and bylaws and specify other things that must occur. Articles of incorporation and bylaws form a contract between the corporation and its shareholders, obligating the corporation to act in accordance with the articles and bylaws. Directors and officers owe the corporation and shareholders a fiduciary duty to use good faith, exercise due care, and act in the best interests of the corporation. Majority shareholders must act in good faith, in a manner not calculated to oppress the rights of minority shareholders. Corporate formality must be respected and observed to preserve the integrity of the corporation and to shield officers, directors, and shareholders or related businesses from personal liability. Don't think that for the fact that you can be the only person holding all the positions of a corporation you are out of keeping your company in compliance. Small companies also have duties with State Agencies, providers and even customers. Why Are Minutes So Important? It's the law. Nothing more clear than that. Minutes are legal records that document actions and support business decisions made by the principals of the business throughout the year. Minutes help you to separate your own affairs from the company's actions. It is the way to protect you from liability. During an IRS audit a privately held company may be required to produce the minutes of the company. If they do not, or can not give the minutes to the IRS agent, the problems stand as found. There is no negotiation with the IRS. State law requires corporations to prepare annual minutes and in many cases; failure to do so has contributed to piercing of the company veil resulting in exposure to the principals. As mentioned, without current and complete minutes, corporate players could be held personally liable for the actions of the corporation. Protect Yourself Your legal protection could be in jeopardy if a creditor successfully pierces the corporate veil due to the corporation's failure to keep minutes. Good recordkeeping habits and paying attention to detail are necessary for any successful business. Now you know it.
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