Year-End Review

Legal knowledge provides protection for your business AND your family. As professionals, we work hard every day to ensure the success of our businesses. Unfortunately, if we are not well prepared and protected, our business, our reputation and even our personal assets can all be lost, due to a single mistake or oversight. Working with a trusted business law attorney, accountant, business banker, financial planner and commercial insurance agent is essential to maintain the success of your business. If you answer “false/no” to any of the following statements, your business has exposure.

1. Is your business properly incorporated?

If your business is a C-Corporation or S-Corporation:

1. My corporation has filed Articles of Incorporation with the Minnesota Secretary of State.
2. My corporation has completed the written action of incorporator, subscription agreement letter of investment intent, first meetingof the board of directors, first meeting of shareholders, bylaws, and issued stock certificates.
3. My corporation has up-to-date minutes that have been approved by the directors and shareholders.
4. My corporation elected a board of directors and held an annual meeting.
5. My corporation has had annual shareholders meetings.
6. My corporation (including assumed names) has filed its annual registration with the Minnesota Secretary of State.
7. My corporation has filed with the Minnesota Secretary of State and published in a legal newspaper all of its assumed names.
8. The assumed names of my corporation are held by the corporation.
9. The corporation has filed its annual report with its respective licensing board if subject to the Minnesota Professional Firms Act.

Is your business properly organized?

If your business is an LLC:

1. My LLC has filed articles of organization with the Minnesota Secretary of State.
2. My LLC has executed an operating agreement.
3. My LLC has filed its annual registration (and any assumed names) with the Minnesota Secretary of State.
4. My LLC has filed with the Minnesota Secretary of State and published in a legal newspaper all of its assumed names.
5. The assumed names of my LLC are held by the LLC (and not by the owner individually, for example).
6. My LLC is operating under the New LLC Act (which your LLC has been subject to since 1/1/18).
7. The LLC has filed its annual report with its respective licensing board if subject to the Minnesota Professional Firms Act.

Spangler and de Stefano, PLLP assists business owners with corporate formation.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.