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How To Protect Your Business

Sponsored By:Laughlin Associates

Presented By:Scott Burnett

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Who is Laughlin Associates?

Corporate Formation and Compliance CompanyCorporate Formation and Compliance Company

Small Business Consulting and EducationSmall Business Consulting and Education

Asset Protection and Income RetentionAsset Protection and Income Retention

Providing Business Solutions Since 1972Providing Business Solutions Since 1972

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C Corporation

S Corporation

Limited LiabilityCompany

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What Do All Business Entities Have In Common?

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It’s Not An Option…….It’s Required By Law

Business entities are required to keep records in all 50

states

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Corporate Formalities

What are they? Minutes

Resolutions Documentation

Who might ask for them? The IRS

Opposing Counsel Shareholders

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10. Corporate minute book and stock register.

IRS Summons

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You are ordered to produce the business

records

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IRS Summons

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You Must

DOCUMENT

In Order To

DEFEND!

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If your corporate records are not in

order and you are sued, you could

Be stripped of all liability protection

And tax benefits.

Fact

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Actions That Should Be Documented

S Corporation Election Sale of Stock Approval of Employee Agreement Approval of Equipment Officers Salaries Acceptance of Accountant Purchase of Property Qualifying to do Business Issuance of Dividends Waiver of Notices to Hold Meetings

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Qualified Retirement Plans Issuing Stock Changing Directors Opening a bank account Taking a corporate loan Capitalizing the Corporation Authorizing Fringe Benefits Contracts with 3rd Parties

Actions That Should Be Documented (continued…..)

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Annual Meetings Notices of Meetings Entering into a Lease Appointment of officers Appointment of directors Amendment of Articles Amendment of By-Laws

Actions That Should Be Documented (continued…..)

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What is an alter-ego?

Personal Assets:

• Home

• Bank Accounts

• Retirement

• Other Assets

Business Assets:

• Property

• Bank Accounts

• Equipment

• Cash Assets

• Other Assets

Business LifePersonal Life

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Piercing The Corporate Veil

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.

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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

“

”

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• Your corporate charter being revoked.

• Paying tax penalties on disallowed deductions.

• Shareholders becoming personally liable for the corporation’s activities/debts.

• Allowing a creditor, the IRS or attorneys to pierce the corporate veil seize your personal assets.

Failure to maintain Corporate Formalities can lead to:

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Why Laughlin Associates?

• Secure Your Corporate Veil

• Stronger Asset Protection

• We Do The Paperwork So You Can Run Your Business

• Keep Your Company In Compliance

• Cost Effective

Over the last 40 years, we have assisted over 77,000 companies with getting and keeping their companies in compliance.

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• They tend to treat their business like a sole proprietorship

• They don’t always document business decisions

• They co-mingle funds and assets

• They don’t know what documents they must maintain to stay in compliance…so they do nothing.

Small Business vs. Larger Businesses

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Laughlin Associates Provides

MinutesResolutionsFilingsAmendmentsMeetingsNotifications

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The Complete Corporate Veil Protection Service

• Initial review of your corporate status with your compliance coach. Our quick and easy online questionnaire outlines which documents your company needs now.

• Unlimited custom corporate documents including minutes, resolutions and amendments.• Unlimited access to a personal corporate coach by phone or e-mail anytime to receive

quick, knowledgeable answers to your questions.• 12-month customized calendar of recommended documents.• Corporate benefit kit; includes a priceless library of resources.• Ongoing monitoring service and auditing of your corporate records, and continual

contact and review of your corporate status.• Subscription to “The Corporate Veil” monthly e-newsletter. Receive updates of current

compliance requirements, business tips and strategies.• Digital Record Book.• Assistance with state filings.• Record Reconstruction.• Ongoing Business Strategy Webinars. Learn from the convenience and comfort of your

own office.

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Next Step

Still not sure? Call for a complimentary corporate audit to see where you

stand with your corporate records.

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