Selecting the correct entity type for the business is a critical first step; the second is taking the appropriate actions to maintain the integrity of that entity over time. There are certain actions required by the owners of businesses to keep the liability protections, which they afford, in place. These are referred to corporate formalities. Additionally, as the business grows the ownership may change, the address may change, or the name may change. Some areas with which BusinessLegal can help in maintaining the structural integrity of the business include:
1. Making sure all of the appropriate operation documents are in place and up to date, including:
b. Shareholder or buy/sell agreements;
c. Operating Agreements (LLCs);
d. Partnership Agreements.
2. Minutes and Unanimous Written Consents: Business minutes are a vital part of the record keeping performed by companies, particularly corporations. Proper governance requires regular meetings of the board of directors with minutes, prepared to record what was reported, discussed and approved or disapproved during the meetings. Minutes memorialize all the company's important decisions regarding management, changes to the business model, expansion plans, major funding events, mergers and acquisitions.
3. Changes to the business such as name change, address change of change in business structure.
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