Corporate Record Keeping

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Learn how your business entity can protect you and your personal assets from judgements!

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Corporate Record Keeping

  1. 1. How To Protect Your Business Presented by: Jason Giesler (800) 648-0966 [email_address]
  2. 2. Who is Laughlin Associates? <ul><li>Corporate Formation and Compliance Company </li></ul><ul><li>Small Business Consulting and Education </li></ul><ul><li>Asset Protection and Income Retention </li></ul><ul><li>In Business Since 1972 </li></ul>1-800-648-0966 Presenter: Jason Giesler
  3. 3. Seminars & Workshops <ul><li>How to Use Your Corporation </li></ul><ul><li>Asset Protection </li></ul><ul><li>Tax Reduction </li></ul><ul><li>Secrets of Using a Corporation </li></ul><ul><li>Business Owners Boot Camp </li></ul><ul><li>Seminar Speakers Include: </li></ul><ul><li>Attorneys – CPA’s – Financial Planners </li></ul>1-800-648-0966 Presenter: Jason Giesler
  4. 4. Different Types of Business Entities <ul><li>Sole Proprietorship </li></ul><ul><li>Limited Partnership </li></ul><ul><li>Corporation (C or S) </li></ul><ul><li>Limited Liability Company(LLC) </li></ul>1-800-648-0966 Presenter: Jason Giesler
  5. 5. What Do All Business Entities Have In Common? C Corporation S Corporation Limited Liability Company 1-800-648-0966 Presenter: Jason Giesler
  6. 6. It’s Not An Option…….It’s Required By Law Business entities are required to keep records in all 50 states 1-800-648-0966 Presenter: Jason Giesler
  7. 7. Corporate Formalities <ul><li>What are they? </li></ul><ul><li>Minutes </li></ul><ul><li>Resolutions </li></ul><ul><li>Documentation </li></ul><ul><li>Who might ask for them? </li></ul><ul><li>The IRS </li></ul><ul><li>Opposing Counsel </li></ul><ul><li>Shareholders </li></ul>1-800-648-0966 Presenter: Jason Giesler
  8. 8. 10. Corporate minute book and stock register. IRS Summons 1-800-648-0966 Presenter: Jason Giesler
  9. 9. Legal Summons You are ordered to produce the business records 1-800-648-0966 Presenter: Jason Giesler
  10. 10. <ul><li>You Must </li></ul><ul><li>DOCUMENT </li></ul><ul><li>In Order To </li></ul><ul><li>DEFEND! </li></ul>1-800-648-0966 Presenter: Jason Giesler
  11. 11. Fact <ul><li>If your corporate records are not in </li></ul><ul><li>order and you are sued, you could be stripped of all liability protection and tax benefits. </li></ul>1-800-648-0966 Presenter: Jason Giesler
  12. 12. Fact <ul><li>If your company is found to be in bad standing, you could be held personally liable for the debt of the company and any penalties for undocumented tax deductions. </li></ul>1-800-648-0966 Presenter: Jason Giesler
  13. 13. Wurzburg Brothers, Inc. v. James Coleman <ul><li>The president failed to sign the promissory note for $44,419.68 with his title. When the company defaulted on it’s payment, the president was found to be personally liable because he did not sign in his representative capacity. </li></ul>Judgment: $44,419.68
  14. 14. MANCORP, INC,. v. John C. Culpepper <ul><li>The courts found that John C. Culpepper was nothing more than the alter ego of Culpepper Properties Inc. He showed noncompliance with corporate formalities and commingled funds by paying corporate debt with personal checks. </li></ul>Judgment: $150,000
  15. 15. Actions That Should Be Documented <ul><li>S Corporation Election </li></ul><ul><li>Sale of Stock </li></ul><ul><li>Approval of Employee Agreement </li></ul><ul><li>Approval of Equipment </li></ul><ul><li>Officers Salaries </li></ul><ul><li>Acceptance of Accountant </li></ul><ul><li>Purchase of Property </li></ul><ul><li>Qualifying to do Business </li></ul><ul><li>Issuance of Dividends </li></ul><ul><li>Waiver of Notices to Hold Meetings </li></ul>1-800-648-0966 Presenter: Jason Giesler
  16. 16. <ul><li>Qualified Retirement Plans </li></ul><ul><li>Issuing Stock </li></ul><ul><li>Changing Directors </li></ul><ul><li>Opening a bank account </li></ul><ul><li>Taking a corporate loan </li></ul><ul><li>Capitalizing the Corporation </li></ul><ul><li>Authorizing Fringe Benefits </li></ul><ul><li>Contracts with 3rd Parties </li></ul>Actions That Should Be Documented (continued…..) 1-800-648-0966 Presenter: Jason Giesler
  17. 17. <ul><li>Annual Meetings </li></ul><ul><li>Notices of Meetings </li></ul><ul><li>Entering into a Lease </li></ul><ul><li>Appointment of officers </li></ul><ul><li>Appointment of directors </li></ul><ul><li>Amendment of Articles </li></ul><ul><li>Amendment of By-Laws </li></ul>Actions That Should Be Documented (continued…..) 1-800-648-0966 Presenter: Jason Giesler
  18. 18. What is an alter-ego? <ul><li>Personal Assets: </li></ul><ul><li>Home </li></ul><ul><li>Bank Accounts </li></ul><ul><li>Retirement </li></ul><ul><li>Other Assets </li></ul><ul><li>Business Assets: </li></ul><ul><li>Property </li></ul><ul><li>Bank Accounts </li></ul><ul><li>Equipment </li></ul><ul><li>Cash Assets </li></ul><ul><li>Other Assets </li></ul>Business Life Personal Life
  19. 19. Piercing The Corporate Veil <ul><li>Proving that a corporation exists merely as an alter ego for an individual, so that in a lawsuit, the defendant can be held personally liable for the damages of the corporation. </li></ul>1-800-648-0966 Presenter: Jason Giesler
  20. 20. 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. Cornell Law Review “ ” 1-800-648-0966 Presenter: Jason Giesler
  21. 21. <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: 1-800-648-0966 Presenter: Jason Giesler
  22. 22. 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>Keep Your Company In Compliance </li></ul><ul><li>Cost Effective </li></ul>Over the last 37 years, we have assisted over 77,000 companies with getting and keeping their companies in compliance. 1-800-648-0966 Presenter: Jason Giesler
  23. 23. <ul><li>They tend to treat their business like a sole proprietorship </li></ul><ul><li>They don’t always 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>Small Business vs. Larger Businesses 1-800-648-0966 Presenter: Jason Giesler
  24. 24. The Compass Group Provides <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>1-800-648-0966 Presenter: Jason Giesler
  25. 25. Complete Corporate Veil Protection Service <ul><li>Initial review of your Corporate Status with your Corporate Coach. Our quick and easy questionnaire outlines which documents your company needs now. </li></ul><ul><li>Unlimited Corporate Documents -minutes, resolutions and amendments. </li></ul><ul><li>Unlimited access to your personal Corporate Coach by phone or e-mail anytime to receive quick, knowledgeable answers to your questions. </li></ul><ul><li>Ongoing maintenance of your corporate records -Continual contact and review of your corporate status. </li></ul><ul><li>Subscription to “The Power of Inc.” monthly e-newsletter- Receive updates of current information affecting your business. </li></ul><ul><li>Assistance with state filings </li></ul><ul><li>On-Going Webinars- Learn from the convenience and comfort of your own office. </li></ul>1-800-648-0966 Presenter: Jason Giesler [email_address]
  26. 26. Next Steps <ul><li>Call 1-800-648-0966 to get your Complete Corporate Veil Protection Service or to set up a complimentary consultation. </li></ul><ul><li>Your Paperwork Coach will contact you TODAY-to start get your company in compliance. </li></ul><ul><li>30-Day Money Back Guarantee </li></ul>Let’s Get Started! 1-800-648-0966 Presenter: Jason Giesler [email_address]

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