LLC Management
Your LLC is a business vehicle. It should get you asset protection, tax benefits, and business protection. You get your articles of organization filed (some people call the operating agreement an “LLC...
View ArticleDifferent Answers from Attorney?
Different Answers from Attorney? Different Answers from Attorney? Why Does Each Attorney Give Me A Different Answer? Have you ever gone to one attorney and got one answer, them approached another...
View ArticleMulti Member LLCs Offer the Best Charging Order Protection
Multi Member LLC s vs Single Member LLCs When forming an LLC, it is good to know that multi member LLCs offer the best charging order protection. First let me explain the history of charging order...
View ArticleCorporate Formalities and Commingling Assets
Corporate formalities and commingling assets are critical items when running a business. Commingling assets is when assets from different sources are inter-mixed inappropriately. For instance, if the...
View ArticleLLC Startup Mistakes Exposed
LLC startup mistakes can cost a small business more than they should when the business is sued or hits a rough spot. LLCs (Limited Liability Companies) are a good foundation for business, they protect...
View ArticleChange or Amend an LLC or Corporation
How do you make a change or amend an LLC (Limited Liability Company) or corporation once it the documents have been filed? When you find an error in your documents, or one of your business associates...
View ArticleIssuing Membership Certificates
#4 in Lee’s formalities checklist asks “Have you issued Membership Interest Certificates?” #5 asks “Do you have a ledger of your Membership Interest Certificates?” When you form a corporation or an LLC...
View ArticleHold Regular Meetings
#6 in Lee’s formalities checklist asks “Are you holding your annual meetings?” #7 asks “Have you given proper notice (and kept copies) of the Meeting of the Managers?” #8 follows up with “Have you kept...
View ArticleAdopt Your Operating Agreement
#9 in my 27 Point Checklist for corporate and LLC formalities ask if you have adopted the operating agreement (or bylaws in a corporation) that should have been written up first thing when you decided...
View ArticleTell the IRS How to Tax You
This post was written by Ben Rucker, Tax Specialist. The video, of course, is of Lee Phillips. #11 in Lee’s formalities checklist asks if you have secured your Federal Tax ID number. #12 asks if you...
View ArticleDoing Business in Multiple States
#13 on my formalities checklist asks whether your LLC is legally doing business in other states. If you have an LLC or corporation that is formed in one state and is doing business in another state or...
View ArticleGive Managers Their Power
Item #14 on my formalities checklist asks, “Have you made the appropriate resolutions of the Managers to authorize and document all major company acts?” In your LLC or corporation, the company’s ruling...
View ArticleCommingling
#15 in my formalities checklist is one of the most important: “Have you kept separate books and bank accounts for the company and yourself, making sure at all times never to commingle any funds?”...
View ArticleMinimize IRS Audit Pain
This article is written by Ben Rucker, a former special IRS auditor. The video, of course, is of Lee Phillips. Item #16 on Lee’s formalities checklist allows you to minimize the pain of an IRS audit:...
View ArticleDocumenting Transactions
#20 on my formalities checklist is: “Have you documented all major transactions of the company business with resolutions, notes, contracts, etc.?” This is a logical followup to #14, discussed in Give...
View ArticleQuestionable Deductions
reThis article is written by Ben Rucker, a former special IRS auditor. The video, of course, is of Lee Phillips. #21 on Lee’s formalities checklist is “Do you have a resolution documenting the...
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