We want to help you protect your assets and reduce your potential liability as a business owner.
As an owner of a business entity you receive two general benefits above what a sole proprietor receives: (i) tax-strategy opportunities and (ii) some measure of liability protection. This blog regards (ii), your liability protection, and how to preserve it.
To preserve the liability protection offered by the business entity, it is essential to maintain the distinction between the entity and yourself personally. Lawsuits against businesses often involve a challenge to the distinction between the owner and the entity, putting the owner’s assets at risk.
One aspect of maintaining this distinction is to show a legal-document trail of the entity. You must include in your corporate record book the formation documents and—of present interest—the minutes of the annual meeting of the board of directors (or members, if an LLC).
Historically, Thrive Business Group has provided an annual minute service for some of our business clients. We are discontinuing this service and are now endorsing a local attorney. She is better able to serve you in these legal documents than we are, and she does so very cost effectively (comparable to our fees).
We at Thrive Business Group recommend Emily Rose Mowrey, Attorney at Next Generation Legal Services, to satisfy your minute-service needs. (P.S.—she also provides registered agent service.) I encourage you to contact Emily directly to set up your minutes service:
Emily Rose Mowrey
(360) 685-0145
emily “at” nextgenlawfirm.com
www.nextgenlawfirm.com
Feel free to contact John Rosenbaum (john “at” thrivebusinessgroup.com) if you have questions regarding maintaining entity distinction or about Emily. And definitely contact us if any aspect of maintaining entity distinction and protecting your assets seems new to you!