The purpose of our records maintenance service is to help owners of privately-held companies efficiently and effectively comply with legal and accounting requirements and to limit personal liability for the owners. In short, we ensure that the company is managed in a prudent, orderly and businesslike way.
We recognize that running a business puts a lot of demands on its owners. As a result, the company's records and other, related processes often don't get the attention they need. Consider the impact of getting a question or visit from the IRS when your company's minutes and other records aren't in good shape. Or, if a creditor comes after a company and ends up coming after the owner personally because the company's records are disorganized or missing.
Current and updated business records are important for planning purposes, to make transactions flow more easily, and in the event of a dispute or claim that might lead to litigation. In addition, if the company has audited financial statements, the auditors require annual minutes. Finally, annual meetings are usually required by law or the company’s governing documents.
MB Law in Action – Featured Client Case Studies
Case Study: A Business with Multiple Owners Dismisses one of them.
Our Client’s Objective: Our client’s business had three owners. One of the owners was fired by the others, and he said the others did not have the authority to fire him.
MB Approach: Because the company had retained Minor & Brown to help it keep its corporate minutes up to date, there was clear evidence that the other owners were a majority of the directors and the company’s top officers.
What’s Next? The complaining owner had to accept his fate and move on. He and his attorney realized that there was no basis for his complaint against the company or against the other owners.
Case Study: A Company Needed Audited Financial Statements, after Years of Using Internally Prepared Ones.
Our Client’s Objective: It was time for our client to take the step to get audited financial statements. The auditors needed to know for sure who the owners, directors and officers were, and also to have proper approval of company actions.
MB Approach: We reviewed past records and created minutes approving past company actions, as well as ownership transfers, and then continued to follow up with the client annually to prepare the minutes for the year. In doing so, we could spot actions that needed to be approved and also educate the client about corporate governance requirements to avoid future hassles with the auditors and others.
What’s Next? Result – the client has its financial statements audited and, going forward, that process will be much quicker and easier.
Maintaining current company records doesn't have to be complicated or time consuming. We offer company records maintenance services that keep things simple and help limit an owner's personal liability.
Business owners are focused on running their companies, so turn to us for help with all aspects of record keeping. This includes:
- Getting annual minutes and other record keeping done and off their to-do list.
- Minor & Brown drafting and initiating the dialogue to find out what happened and automates the preparation of annual minutes, which reduces the company’s internal time and energy to stay current.
- The company becoming aware of what it needs to approve in advance, and seeking legal guidance before it becomes an issue.
- The business harnessing the powerful tools and experience of Minor & Brown – a well-established, well-resourced law firm to save time, energy and money.