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 Growth And Development Services Corporation 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.
Disclaimer
All data contained on this
web site is provided for education and guidance. It is not
intended to address the exact situation of any specific
individual or entity. Reliance on this data is exclusively at the
user's own risk. The data is not intended to provide a
comprehensive treatment of any particular subject. Accordingly,
the data in this web site is not intended to constitute legal,
investment, accounting, tax, or any type of professional advice.
If legal advice or other expert assistance is required, the
services of a competent professional person should be sought.
Every attempt has been
made to ensure that the data contained in this web site is
accurate at the time of compilation. However, neither Growth And Development Services Corporation nor any
personnel nor staff member nor affiliation associated therewith
is responsible for any errors or omissions, or for the results
obtained from the use of this data. Inadvertent errors can occur,
and applicable laws, rules, and regulations are subject to
interpretation and often change.
This web site contains
links to other sites over whom neither Growth And Development Services Corporation nor any
personnel nor staff member nor affiliation associated therewith
has any control. Neither Growth And Development Services Corporation nor any personnel nor staff member
nor affiliation associated therewith, provides any warranty about
the accuracy of data found on any of these servers.
Except where otherwise
noted, the web site contents are � 1999 by Growth And Development Services Corporation No
part of this web site may be reproduced or transmitted in any
form without written permission.
Contact Information
Presently, Growth And Development Services Corporation only sells products and services
within the United States. If you are in the United States, you
can reach us with the following information.
Send E-Mail with questions or comments about
this web site. Copyright � 1999. Growth And Development Services Corporation - Last
modified: December 18, 1999
GROWTH AND DEVELOPMENT SERVICES CORPORATION
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