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Sunday, April 7, 2013

Spring Cleaning (For Your Corporate Record Book)

It is April 7th and according to the calendar, Spring arrived 2 1/2 weeks ago.  However, here in Central MN we are still waiting for sunshine and 50 degrees and the snow to go away.  While it can be frustrating to wait for mother nature to cooperate, we do know that sooner or later the weather will comply with our wishes.

So with Spring just around the corner, the annual rite of passage known as "Spring Cleaning" is a fairly common theme.  Those of us embracing this idea are most likely preparing to clean the house thoroughly, put away winter clothing, sweep out the garage, and open windows to allow fresh air in. 

While this can be a wonderful way to embrace Spring, I would suggest a slightly different approach for business owners... How about Spring Cleaning for your Corporate Record Book?  While this is a good idea for several reasons, I will focus on just one.  You see, properly maintaining your Corporate Record Book is paramount to observing corporate formalities and keeping your Corporate Veil intact.

Unfortunately, most business owners rarely give their Corporate Record Book a second thought.  In fact, in many cases they don't even know where it is.  To put all of this in perspective, I would like to encourage each of you to answer the following questions:

1)  Do you have a Corporate Record Book?
2)  Do you know where it is?
3)  Does it reside at your registered business address?
4)  Do you hold meetings and properly document business activities?
5)  Do you updated it reguarlary and are you confidant it is complete?

If you are unsure or answered "No" to any of these questions, your business is operating outside of  basic compliance requirements and you could be facing significant risk.  I would recommend that you seek out an assessment by a professional advisor so that these issues can be addressed head on.  If you would like additional information about this process, please contact Safe Shield.

In closing let me say that Spring Cleaning is a wonderful tradition, one that should be expanded to include your business and your Corporate Record Book...

1 comment:

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