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....