Protecting Your Corporate Veil

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Why do you need to protect your corporate veil? Find out why through this informative presentation and why The Compass Group, Inc. is your solution for National Corporate Compliance.

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  • LEAD IN: Compass Group specializes in working with small closely-held corporation and limited liability companies in keeping and maintaining their corporate records. Compass has worked with thousands of corporate owners with getting and keeping their companies in compliance. NOTE: Build up the fact that they made the right decision to incorporate or form their LLC. Corporations are powerful business tools that provide asset protection, tax savings and estate planning strategies. You want to let them know they should feel confident about their decision. You made the right choice when you incorporated. Corporations are powerful business tools that offer liability protection and tax savings. The problem is the majority of people who incorporate are never told how to run their corporations, or the fact that if they are not meeting the legal requirements they aren’t getting the liability protection a corporation can offer.
  • Protecting Your Corporate Veil

    1. 1. Protecting Your Corporate Veil
    2. 2. What Do All Business Entities Have In Common? <ul><li>Corporation </li></ul><ul><li>Limited Liability Company </li></ul><ul><li>Limited Partnership </li></ul>
    3. 3. <ul><li>All business entities must follow “Corporate Formalities ” </li></ul>IT’S THE LAW!
    4. 4. What Are Corporate Formalities? <ul><li>Meetings </li></ul><ul><li>Resolutions </li></ul><ul><li>Minutes </li></ul><ul><li>Approvals </li></ul><ul><li>Stock Ledgers </li></ul><ul><li>Stock Issuance </li></ul><ul><li>Acceptance </li></ul><ul><li>Amendments </li></ul>
    5. 5. Who Requires Corporate Formalities? <ul><li>Shareholders/Members </li></ul>The IRS-Audit Request Banks-Loans Federal and State Law
    6. 6. Actions That Need To Be Documented <ul><li>Employment Agreements </li></ul><ul><li>Officer’s Salaries </li></ul><ul><li>Equipment Purchase/Lease </li></ul><ul><li>Property Purchase </li></ul><ul><li>Cars </li></ul><ul><li>Issuance of Dividends </li></ul>
    7. 7. <ul><li>Retirement Plans </li></ul><ul><li>Medical Plans </li></ul><ul><li>Selling Shares </li></ul><ul><li>Loans </li></ul><ul><li>Fringe Benefits </li></ul><ul><li>Bonuses </li></ul>Actions That Need To Be Documented
    8. 8. <ul><li>“ If you've failed to keep proper corporate records and if you are ever sued - you have a 50-94% chance of losing your personal assets in order to satisfy a judgment.” </li></ul><ul><li>Cornell Law Review </li></ul>
    9. 9. <ul><li>Your corporate charter being revoked. </li></ul><ul><li>Paying tax penalties on disallowed deductions. </li></ul><ul><li>Shareholders becoming personally liable for the corporation’s activities/debts. </li></ul><ul><li>Allowing a creditor, the IRS or attorneys to pierce the corporate veil seize your personal assets. </li></ul>Failure to maintain Corporate Formalities can lead to:
    10. 10. Why The Compass Group ? <ul><li>Secure Your Corporate Veil </li></ul><ul><li>Stronger Asset Protection </li></ul><ul><li>We Do The Paperwork So You Can Run Your Business </li></ul><ul><li>Answers Your Questions </li></ul><ul><li>Keep Your Company Current </li></ul><ul><li>Keep Your Company In Compliance </li></ul><ul><li>Cost Effective </li></ul><ul><li>Only $725 Investment </li></ul>
    11. 11. Closely held corporations have the greatest risk o f having their Corporate Veil Pierced
    12. 12. <ul><li>They tend to treat their business like a sole proprietorship. </li></ul><ul><li>They don’t document business decisions </li></ul><ul><li>They co-mingle funds and assets </li></ul><ul><li>They don’t know what documents they must maintain to stay in compliance..so they do nothing. </li></ul>
    13. 13. <ul><li>“ Piercing the Corporate Veil has become the most litigated issue in corporate law today. In every case the plaintiff’s intent is to acquire not only the company’s assets, but the owners personal assets as well.” </li></ul>Wake Forest Law Review
    14. 14. <ul><li>Minutes </li></ul><ul><li>Resolutions </li></ul><ul><li>Filings </li></ul><ul><li>Amendments </li></ul><ul><li>Meetings </li></ul><ul><li>Notifications </li></ul>The Compass Group Provides
    15. 15. <ul><li>Corporate Status Review with your personal corporate coach. </li></ul><ul><li>Unlimited Custom Corporate Documents including minutes, resolutions and amendments. </li></ul><ul><li>Customized Corporate Benefit Kit- includes a priceless library of resources. </li></ul><ul><li>Ongoing Maintenance Of Your Corporate Records . </li></ul>Complete Corporate Veil Protection Service <ul><li>Subscription to “The Corporate Veil” monthly </li></ul><ul><li>e-newsletter. Receive updates of current compliance requirements, business tips and strategies. </li></ul><ul><li>12 month Customized Calendar of recommended documents. </li></ul><ul><li>Ongoing Webinars- access 24/7 sessions on tax deductions, strategies and eye opening business tips. </li></ul><ul><li>Unlimited Access To Your Personal Corporate coach by phone or e-mail. </li></ul>
    16. 16. $125,000 Corporate Compliance Guarantee. <ul><li>We will guarantee the integrity of your Corporate Veil up to $125,000. </li></ul>
    17. 17. The Time Is Now! The Complete Corporate Veil Protection Service Protects Your Wealth, Business and Personal Assets from Attack Call Danny Fierro (877) 834-8211 or email at dfierro@compassincorporate.com

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