Corporate Liability Protection – It’s Tax Time!

If you have a corporate entity (e.g. limited liability company, corporation, S-corp, partnership), tax time is a great time to draft the necessary resolutions or minutes to “beef up” your personal liability protection.  If the concept of personal liability protection is new to you, check out our other articles on the subject which can be found here and here.

At least annually, corporate entities must either hold meetings and take minutes or prepare resolutions of the board of directors, members or shareholders.  At Bloomgren Hanson Legal, we recommend our clients add one more task to tax time, and hold their meetings or resolutions around the same time they are dealing with taxes.

Annual minutes or resolutions should include documentation of the major decisions of the business, confirm the operating revenue and expenses, and re-elect the board of directors (if any) and managers. This is a very simple document to prepare, especially if you are a single member entity or only have a few members.

If you simply filed Articles of Organization or Articles of Incorporation with the Secretary of State and did nothing more, this is an opportunity for you to get your personal liability protection in order.  Likewise, if your accountant or attorney prepared you a confusing book of documents you have never looked at since you paid for them, this is an opportunity to pull them out, understand them, and get them in order.  The attorneys at Bloomgren Hanson Legal are committed to making this process simple and streamlined.  We would be happy to work with you to prepare or audit your existing corporate documents.  Please give us a call or send us an email.