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Protecting Your Corporate Veil

Protecting Your Corporate Veil. What Do All Business Entities Have In Common?. Corporation Limited Liability Company Limited Partnership. All business entities must follow. “Corporate Formalities ”. IT’S THE LAW!. What Are Corporate Formalities?. Meetings Resolutions Minutes

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Protecting Your Corporate Veil

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  1. Protecting Your Corporate Veil

  2. What Do All Business Entities Have In Common? • Corporation • Limited Liability Company • Limited Partnership

  3. All business entities must follow “CorporateFormalities” IT’S THE LAW!

  4. What Are Corporate Formalities? • Meetings • Resolutions • Minutes • Approvals • Stock Ledgers • Stock Issuance • Acceptance • Amendments

  5. Who Requires Corporate Formalities?

  6. Actions That Need To Be Documented • Employment Agreements • Officer’s Salaries • Equipment Purchase/Lease • Property Purchase • Cars • Issuance of Dividends

  7. Actions That Need To Be Documented • Retirement Plans • Medical Plans • Selling Shares • Loans • Fringe Benefits • Bonuses

  8. “ If you've failed to keep proper corporate records and if you are ever sued - you have a 50-94% chance of losing your personal assets in order to satisfy a judgment. Cornell Law Review ”

  9. Failure to maintain Corporate Formalities can lead to: • Your corporate charter being revoked. • Paying tax penalties on disallowed deductions. • Shareholders becoming personally liable for the corporation’s activities/debts. • Allowing a creditor, the IRS or attorneys to pierce the corporate veil seize your personal assets.

  10. Why The Compass Group? Over the last 37 years, we have assisted over 77,000 companies with getting and keeping their companies in compliance. • Secure Your Corporate Veil • Stronger Asset Protection • We Do The Paperwork So You Can Run Your Business • Answers Your Questions • Keep Your Company Current • Keep Your Company In Compliance • Cost Effective

  11. Closely held corporations have the greatest risk of having their Corporate Veil Pierced

  12. They tend to treat their business like a sole proprietorship. • They don’t document business decisions • They co-mingle funds and assets • They don’t know what documents they must maintain to stay in compliance…so they do nothing.

  13. “ Piercing the Corporate Veil has become the most litigated issue in corporate law today. In every case the plaintiff’s intent is to acquire not only the company’s assets, but the owners personal assets as well. Wake Forest Law Review ”

  14. The Compass Group Provides • Minutes • Resolutions • Filings • Amendments • Meetings • Notifications

  15. Complete Corporate Veil Protection Service • Corporate Status Review with your personal corporate coach. • Unlimited Custom Corporate Documents including minutes, resolutions and amendments. • Customized Corporate Benefit Kit- includes a priceless library of resources. • Ongoing Maintenance of Your Corporate Records. • Subscription to “The Corporate Veil” monthly • e-newsletter. Receive updates of current • compliance requirements, business tips and • strategies. • 12 month Customized Calendar of recommended documents. • Ongoing Webinars- access 24/7 sessions on tax deductions, strategies and eye opening business tips. • Unlimited Access To Your Personal Corporate coach by phone or e-mail.

  16. $125,000 Corporate Compliance Guarantee. We will guarantee the integrity of your Corporate Veil up to $125,000.

  17. The Time is Now! The Complete Corporate Veil Protection ServiceProtectsYour Wealth, Business and Personal Assets from Attack

  18. Get Started Now! • Contact our office for more details at 775-828-7111, or email your request to subscribe to Cindy@BorelAssociates.com • We will bill your company (current clients - $475; all others $795), which includes updating your company’s corporate records from inception (an $1,000-$5000 value). • Your Compass Corporate Coach will contact you within 24 hours. • Together you and the Coach will set an appointment to begin the interview process. Your Coach will be there to help you every step of the way • Your records will be brought current and a game plan will be organized to keep you current and going forward. Don’t Delay!

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