The Importance of Corporate Record Keeping

Contributed by Deanna Kelly, Office Manager

Corporate Record Keeping is very important. It’s the difference between being a Corporation or not. At the least you would need Minutes for an Annual Meeting. Minutes are very simple: Who, What, When, Where, Why.

Who was at the meeting?
What kind of meeting (Special or Annual)?
When was the meeting?
Where was the meeting?
Why did you have a meeting (what was discussed)?

You write or type this out and place it in your corporate book behind the Minutes tab. Minutes should be in chronological order.

Day to day business does not require a meeting or minutes. Anything outside of day to day minutes (ie. purchase of property or vehicle by the corporation) requires a meeting, minutes and a resolution. All to be filed in your corporate book.

You should have a meeting each year to elect new officers & directors. The resulting minutes should be filed in the corporate book as discussed previously.

Even though LLC record keeping requirements are not as stringent as for Corporations, you should still maintain a Company Record Book. If you don’t have a Record Book for your Corporation or LLC, we can provide one for you. Just give us a call toll free at (888) 274-1130.

FYI we have Annual Minutes forms on our web site that you may print out and complete. To find them go to our web site  at https://americancorpenterprises.com and click the link for our Resource Center.

Read our previous post about Corporate Record Keeping and Asset Protection.

Also see IRS Audits and Record Keeping https://elitebookkeepingtaxservices.blogspot.com/2013/05/irs-audits-and-record-keeping.html

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com. At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.staging-americancorpenterprises-staging.kinsta.cloud.

Four IT Security Trends to Master Corporate data is falling into the hands of hackers at an alarming rate. Here are four ways to protect it.

Four IT Security Trends to Master Corporate data is falling into the hands of hackers at an alarming rate. Here are four ways to protect it. Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.staging-americancorpenterprises-staging.kinsta.cloud.

Asset Protection Trusts

Contributed by Tracey Padilla, Pres.

I recently had the opportunity to attend some workshops on Estate Planning by Cassandra Jones, Esq., who is a Strategic Partner for the Business Achievement Center. One of the topics she spoke about was using a Nevada Asset Protection Trust.

According to Cassandra, Nevada is one of the best states when it comes to Trust Law, which is why so many attorneys who specialize in Asset Protection continue to form Corporations, LLCs and Trusts here. In order to establish an Asset Protection Trust in Nevada, you need to have an asset located in the state, which can be a bank account.

Another important thing that she mentioned is if you live in Nevada, have assets valued at $20,000, but do not have an Estate Plan, your estate can be subject to probate.

The law firm of Houghton Jones, A. P.C. offers Estate Planning as well as Business Law and Family Law. Furthermore, their firm is one of only a handful in this area that offers a particular level of Estate Planning components.

For assistance with Estate Planning in Nevada, or if you are interested in setting up an Asset Protection Trust in Nevada, contact Cassandra directly via https://hou2plan.com/.

For additional resources visit https://www.BusinessAchievementCenter.com

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.
At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.staging-americancorpenterprises-staging.kinsta.cloud.

Warning- Business Identity Theft On The Rise

We frequently hear stories about people who were victims of identity theft. Less often in the media – but unfortunately on the rise – is business identity theft. The thieves look for businesses that have not kept up their annual filings that are either in default or revoked status. They submit annual filings or reinstatement documents and change key company information in order to take control of the business.

As with individual identity theft, these thieves then get credit cards in the company name or establish lines of credit with banks or other vendors- all if which can be devastating to a business.

This is one of the reasons that we suggest that companies file a formal dissolution with the state, file a final tax return and close all open lines of credit for their business.

The National Association of Secretaries of State (NASS) has been working closely with The Identity Theft Protection Association (ITPA), which recently launched the website www.BusinessIDTheft.org to combat this growing threat.

The website has information about ways that theft can occur, prevention information, resources, victim assistance and more.

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com. At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.staging-americancorpenterprises-staging.kinsta.cloud.

A Penny Saved…Can Be A Fortune Lost

It wasn’t that long ago that we were being bombarded with news updates about the horrific Deepwater Horizon oil spill (a.k.a. BP oil disaster) that occurred back in April of 2010. In January 2011 the Whitehouse oil commission released a report wherein they blamed BP and its partners for a series of cost-cutting decisions as contributing to this catastrophic accident.

One of the so called cost-cutting decisions was to not use a diagnostic tool to test the strength of the cement. What was the cost of this tool? The cost was a tiny fraction of what they lost in oil, paid for cleanup, what they have paid to settlements and what they will pay for future settlements. That’s right- a tiny fraction!

How does this relate to you? Do you have a Corporation but no Corporate Record Book? It’s all too common these days for people to want to start a Corporation and put off obtaining a Corporate Record Book to cut startup costs, figuring that they’ll get to it later or they think they can get by without one.

About 60% of closely held Corporations are in jeopardy of having their corporate veil pierced because they haven’t tended to the formalities of issuing stock or have not maintained corporate records.

A couple of years ago a gentleman called to inquire about the cost of setting up a Corporation in Nevada. He mentioned that he did indeed want a Corporate Record Book with his order. He said he had recently lost a lawsuit with a Corporation he had in another state that wiped him out. He stated that the court ruled against him because he had no Corporate Record Book and had not issued stock. He vowed to do it right this time.

Here again is another cost cutting example that cost many times more in the long run. What is the cost of a Corporate Record Book? It varies depending on where you purchase it, the quality, etc. but it most definitely was a small fraction of what this gentleman lost. Typically they are less than one hundred dollars.

Fortunately, Nevada offers greater protection for Corporations, but if you cannot prove you’re a real Corporation with shareholders and not just an alter ego of yourself, your assets could be at risk.

Find out more about American Corporate Enterprises by visiting our website at https://americancorpenterprises.com.At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us Toll free (888) 274-1130 or (775) 884-9380 today.

At American Corporate Enterprises, Inc., we have the expertise to handle all your incorporation needs! Contact us

Toll free (888) 274-1130 or (775)884-9380 today and visit our website at www.staging-americancorpenterprises-staging.kinsta.cloud.

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