Have you ever wondered how a business "speaks" to you? You may be surprised, but by maintaining your corporate minutes and important documents like lease agreements or management agreements, your business is able to communicate what types of transactions the corporation has made. properly maintaining corporate records also helps your business entity retain the protection you initially sought out when creating your business entity. Failing to keep up-to-date can invalidate the protection your business entity provides. Call us in South Texas at 956-791-5422 to schedule a consultation.
Business A belongs to a group of custom brokers. Prompted by a year-end reminder to update their corporate documents and records from their attorney, they complete a simple questionnaire. They respond if their company bought assets, elected new officers, lent money and a few other basic questions. Shortly after, they contacted the team at The J.M. Dickerson Law Firm, which formulates minutes in a logical order based on their answers, sends back for signature and their corporate records are complete and updated for yet another year, ready for any tax audits that might pop up with a set date for next year's update schedule.
Business B is a trucking business. The owners, each year, and every year, do nothing about updating their records. This year, an IRS audit faces them. They learn quickly that the burden is on them, as a taxpayer, to prove that each transaction conducted by their company is legitimate through proper documentation. With the IRS now asking for three years of corporate records and none to present, Business B is scrambling to generate documents; all while trying to remember the details blurred by the quick passage of time. In this scenario, the owners of Business B risk facing tax penalties, past interest on the taxes that they did not think they needed to pay and possibly, formal accusation of fraud, if the details cannot be substantiated. They did not call The J.M. Dickerson Law Firm and now it might be too late and risk losing the protection of their business entity, causing more headaches.
Making sure your business entity is up-to-date is also an effective means of creating a paper trail to demonstrate to the government authorities or bank loan officers of the transactions the corporation has made. Keeping current to avoid losing your protection can be easier than you think. Failure to maintain corporate records can invalidate your protection. Leave it to the professionals for true peace of mind.
Please call us in South Texas at 956-791-5422 or fill out the email contact form if you want more information about our entity maintenance services.
CONTACT INFORMATION
South Texas:
956-791-5422
Email: info@dickersonlaw.com
Address: 2 Lindenwood Dr. Laredo, TX 78045
Additional Address: 1410 W. Dove Ave. McAllen, TX 78504
CONTACT INFORMATION