Essential Small Business Advice – Follow Formalities

Many small business owners think that if they set up an LLC or corporation, they are fully protected from individual liability. Not true. While setting up the company structure is a critical first step, it is imperative that you  perform certain formalities throughout the year to maintain your liability protections. Annual Meetings Corporations are required to hold an annual meeting every year and maintain a record book of the meeting minutes. While LLC’s are often not required to hold an Annual Meeting, we recommend that the members and managers of the LLC still hold a formal meeting on a yearly basis. The meetings are an opportunity to discuss and document important business decisions made throughout the year. Including your CPA, attorney, and other business advisors in the meeting will make the meeting even more productive. You can review tax planning for the year and make sure your legal documents are up...