Without company record
keeping, as required by law:
Your company will be treated as no company at all and
the assets, liabilities, and tax structure will be recast to your personal estate and tied
up in probate should something happen to you or one of your officers.
Your heirs will have to untangle at great cost and time
the recasting of your company into your personal estate should you die without getting the
corporate records straight with your signature where required. A really great attorney may
be able to help your family, but it will probably cost them a bundle.
It may be impossible to get Minutes, By-laws,
Resolutions, Medical Plans, Notices, etc. signed at a later date should there be any kind
of disagreement between stockholders or officers that ends up in any kind of legal battle.
You have no protection from personal liability unless
you have a viable (non veil piecing company).
the IRS will treat your company as no company at all,
recasting the company tax returns to your own returns and denying some of the benefits
your corporation or LLC is giving to you and your employees
and you can be subjected to daily fines of $25.00 per
day (Nevada - possibly more in other states) . Here's the Nevada law regarding penalties.
IF THE RECORD KEEPING IS NOT DONE NOW: You risk losses in
the follow ways!!
If something should happen to you, the record keeping
will be incomplete and become part of your estate as if the company never existed. This
means that taxes, creditors, any lawsuits, etc. will become part of your probate and not
separate issues with a company that has unlimited life. The assets
of the company will be tied up in probate and unavailable to your heirs without
great cost and time. Your company will be treated as no company at all and the assets,
liabilities, and tax structure will be recast to your personal estate.
Your heirs will have to rework your corporation into
your personal estate and untangle at great cost and time the recasting of your company
into your personal estate. All this can be avoided should you die by getting the corporate
records straight with your signature(s) where required. A
really great attorney may be able to help your family, but it will probably cost them a
bundle.
It may be impossible to get Minutes, By-laws,
Resolutions, Medical Plans, Notices, etc. signed at a later
date should there be any kind of disagreement between stockholders or officers that ends
up in any kind of legal battle.
You have no protection from
personal liability unless you have a viable (veil proof) company.
the IRS will treat your
company as no company at all, recasting the company tax returns to your own returns and denying some of the benefits your corporation or LLC is giving to
you and your employees
If your spouse or a friend is a director or officer, and
you decide to part ways, try getting their signatures long after the
fact. What if one of them dies or becomes incapacitated before your company records
have been done and are complete.
If your officers or directors are in other parts of the
country, it may take months to get all the required signatures
to complete your company records.
you can be subject to daily fines
of $25.00 per day. Here's the Nevada law
regarding penalties.
Do the company record keeping yourself, have someone do it
for you, or have Legal Forms - Pahrump do it
for you, but protect yourself and make sure it gets done now or you may find out that all
those fees you have paid your state were just a waste of money and/or worse - you find out
you have no legal company at all and everything you thought was not in your name, suddenly
is in your name.
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