A Corporate Kit is a customized organizational binder and a convenient, proven way to maintain your company’s corporate records.
When you form your corporation or LLC (Limited Liability Company), it is critical to objectify the management of the business. This includes an orderly organization of key documents. These documents including minutes of the activities of the company, bylaws, operating agreements, shareholder agreements, share certificates,s and stubs, and transfers.
Well-maintained records are not only a matter of professionalism and convenience but of personal peace of mind. On occasion, courts pierce the company’s “corporate veil” in an attempt to hold the owners personally liable for the debts of the company. Good records can demonstrate the independence of the business from the personal affairs of the owners, an important defense against such claims.
What is New York’s publication requirement? The LLC publication requirement states that a newly formed LLC must publish in two local newspapers for six consecutive weeks. The county clerk must assign the newspapers in the county in which the LLC maintains its office. Affidavits of publication, issued by the newspapers upon completion of the publication period, must then be filed with the NYS Department of State within one hundred and twenty (120) days from the date the LLC was initially filed. Once this has been completed, the publication requirement has been satisfied, and the LLC complies with the statute.
In most states you can organize an entity with a commencement date in the future (typically not more than 90 days ahead). This is most often referred to as using a “delayed effective date“.
As we near the end of 2020 the topic of effective dates is a discussion that comes to mind in relation to the filing of new Corporations and Limited Liability Companies. Your client may have a new business venture and is looking to form a business entity for it. Your first inclination may be to deter them from filing this close to the end of the year in order to avoid 2020 taxes, however in many States you can file now, setting forth a delayed effective date. Continue reading “EFFECTIVE DATES FOR NEW CORPORATION/LLC FILINGS”