How Healthy is Your Business Entity?

April 21, 2009

Keeping accurate and updated records are essential for the health of your business. The following questions are provided as guidance when assessing the health of your business entity:

  • Have initial filings been made?

Fictitious Name Registration, Articles of Incorporation, EIN/TIN Application, LLP Registration, LLC Certificate of Organization, Subchapter “S” Election

  • Are all required filings up-to-date?

Fictitious Name Registration, Decennial Filing, Amendments to Articles of Incorporation, Annual LLP Registration, Change of Registered Address

  • Do you have / do you need to update:

Fictitious Name Registration, Bylaws, Corporate/Shareholder Buy-Sell Agreements, Partnership Agreements, LLC Operating Agreements  

  •  Are corporate records up-to-date?

Annual Shareholder Meeting Minutes, Directors Meeting Minutes

  • Are your record keeping procedures accurate and adequate?         

Corporate Records, Business Records, Tax Records

  • When was your last Shareholders meeting? Directors meeting?
  • Are your legal and financial advisors aware of personal matters that could affect business concerns or visa versa?
  • Are your bookkeeping procedures and records accurate, complete, consistent and reviewed?
  • Do you have a Business Succession Plan? If yes, is it up to date?
  • Are your Estate Planning Documents up-to-date? Adequate for your business and personal needs?

Remember an ounce of prevention is worth a pound of cure. Make sure your business is in good health.

Download: Business Wellness Checklist