LLC Record Book
This video walks you through completing the LLC record book supplied by Your Entity Solution, LLC.
You may have heard the term Company Record Book or Minute Book but didn’t think getting one was important. You may want to reconsider.
In this video we’ll discuss:
- What the Company Record Book is
- When you should get one
- Why is it so Important
- Where do you get one
- How to keep it up-to-date
Start Your Company Meetings and Minutes
Running your LLC or Corporation like a professional organization separate and distinct from you, the owner, is important if you want to preserve the legal protections and tax benefits your entity was set up to give you.
One of the ways you prove to a court of law or the IRS that you are acting as the professional manager of your business is to record all your decisions that have legal, tax or financial impact on your company; and have those decisions approved at the appropriate level per your Operating Agreement or Bylaws.
How do you record those decisions? In the form of resolutions in your meeting minutes or written consents of action without meeting.
Join me in this video for a short overview – then get the Start Your Company Meetings and Minutes workbook to find out more. The workbook is FREE to all Full Membership clients.
Start Your Company Meetings and Minutes – Template Demo
Writing your own resolutions may seem like a daunting task – especially if you have never owned an LLC or corporation before.
What if all you had to do was cut and paste?
In this demo I show you how to use the book of templates that comes with your Start Your Company Meetings and Minutes workbook to do just that – cut and paste your way to professional-looking resolutions.
Capitalizing Your LLC
When you are setting up your LLC for your business, capitalizing your LLC is probably last on your list of things to do.
What is capitalization? It is funding the LLC with enough money, assets and risk management to ensure that the business can be successful.
When most entrepreneurs – particularly those with home-based businesses – start out, they are usually content to put a few hundred dollars in the LLC bank account and call it a day.
If the LLC needs more money, they simply lend them more.
However, failing to capitalize the business adequately, even if you lend money to the LLC in an on-going basis, can seriously damage the liability protection your LLC affords you.
Check out this module to see how to properly capitalize your LLC to maintain your LLC’s protection.
And if you have questions, remember to post them in the Private Mastermind Facebook Group – BizEngaged Members.
Revocable Living Trusts
As new entrepreneurs, we often feel we don’t have enough wealth to protect. So, we delay setting up our corporations or Limited Liability Companies for our businesses; and we reject the idea that a Revocable Living Trust should be part of our plans.
In this interview, Michael Van, JD, from the law firm Shumway Van, explains what a Revocable Living Trust is and why you should consider setting one up sooner rather than later.
Note: If you would like to get in touch with the estate planning attorneys at Shumway Van after watching this interview, just go to the Specialists section. You’ll find their contract information on that page. Let them know you came from bizEngaged.