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A Few Seconds on Minutes.

Minutes are required by law. Sure, there are no Minutes Marshals who will come arrest you if you don’t do Minutes for your business. But there are consequences, and it’s not worth avoiding your doing Minutes.

Note for the uninitiated: Minutes go into a Minute Book, which is not what you use to teach a child how to tell time. It has no hands clipped together which you move around the picture of the face of a clock.

Rather, a Minute Book is usually a three-ring binder, sometimes with a not-so-catchy phrase  — like “Minute Book” — embossed in gold on its cover.  That gold-leaf stuff is totally irrelevant. [Read more…]

Corporate Titles Carry Risks.

Businessman contestCorporate titles of your key people can really hurt you or help you. Two real cases show why.

The first case: Brady and two friends were officers and employees of a company which flew small planes to ferry people from little city airports to a major airport.

One day, they learned that an opportunity was coming up: a chance to do the same thing to a new city. They figured this was a great chance to do their own thing. So they quit the company they’d been working for, formed a new company for themselves, and bought the new route.

The only problem: the new route was the kind of business their old employer did, and would have done.

The second case: Bellomo was hired to be “Director of Wireless Sales” for a company which did wireless networks. Two years later, while still employed by that company, he and a partner secretly formed a new company to do the same thing. [Read more…]

Nancy Drew, the Hardy Boys and the Buy-Sell

Stock CertificateDo you own all or part of the company you work for? Your equity doesn’t die with you.

So your family and heirs don’t have to shrug their shoulders, send out a “We’re sorry to announce . . .” letter, and walk away from the value you’ve built up. I.R.S. won’t be walking away from it.

Impossible? No. How about your business phone number? It’s an asset which could be sold if you stop working, voluntarily or otherwise. The same goes for key files and lists.

That’s why I.R.S. stays interested.

But a “Buy-Sell Agreement” makes things easier for your family with I.R.S. by locking values into place. [Read more…]

What’s “Limited” in a Limited Liability Company and Other LLC Questions Answered

moneyMaybe it’s the business protection version of “How much does a pound of feathers weigh?” The clients asked, “If a limited liability company is a great way to protect assets, then why is it limited?”

Great question. [Read more…]

Questions are welcome.
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