While the initial step of forming your business properly is essential to protecting your business and private assets, preserving corporate formalities and meeting ongoing compliance requirements is vital to upholding the integrity of the business entity and maintaining your liability protection.
Corporate Formalities are the necessary actions a business owner takes to demonstrate personal and corporate separateness. In other words, you must treat your business like the separate entity that it is, and properly document all day-to-day business activities. While not an exhaustive list, the following are key to preserving corporate formalities:
- Filing annual reports with the Secretary of State’s office.
- Maintaining a business bank account with detailed financial records.
- Monitoring state statutes to make certain that you’re aware of any changes that may impact your business.
- Ensuring all contracts and other documents are executed properly, including your signature and officer title.
- Conducting regular meetings of the shareholders and directors/governors, keeping detailed meeting minutes.
- Maintaining an up-to-date corporate or LLC record book, including all formation documents, ownership records, government filings, meeting minutes and corporate resolutions.
Safe Shield Consulting provides Ongoing Compliance Management Services to assist you in safeguarding your business and protecting your personal assets. Our services include the following:
- Performing an initial Record Book assessment.
- Initiating and conducting Annual Compliance Reviews.
- Preparing comprehensive review documents (approved by you).
- Monitoring government filings to keep your organization in good standing.
- Providing a status & alert system to remind you of important actions and dates.
- Establishing and managing a secure electronic Record Book with full internet access for you and any of your trusted advisors (as designated by you).
- Advising and assisting in implementing key compliance best practices as well as ongoing compliance support via phone or e-mail.
Business Formation With Safe Shield
If you have any further questions about our Ongoing Compliance Management Service or our Business Formation System we encourage you to schedule a phone call with one of our experts.