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Business Entity Procedures

Posted by Admin Posted on Mar 09 2017

 

Business Entity Procedures – whether you own an LLC, INC, LLP, or another hybrid type of legal entity for your business, the following are some important procedural reminders to make sure the business entity you set up is well maintained and protecting you from potential legal and compliance pitfalls.  One the simplest and most important procedures is to be sure that you sign all documents as the “Member” of your LLC, the “President” of your INC, etc.  This is especially true when signing legally binding documents, such as lease agreements, note agreements, etc.  Another important task is to title and insure all real property, vehicles, etc., in the company’s name, not in your personal name(s).  Also, now that 2017 is well underway, if you haven’t had an official company meeting to discuss the policies and procedures of the company, now is the time to do so, and be sure to document the decisions made.  Finally, if you company is a corporation (INC), it’s extremely important to set up your owner compensation at a “reasonable” level, both in terms of adequacy, and in terms of allowing you as the owner to consider funding your company sponsored retirement plan.  Please contact us if we can answer any questions, or help you along the way with setting up these business entity procedures.

 

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