Recharacterized* The Internal Revenue Service regularly scrutinizes loan transactions involving shareholders and other corporate insiders. This is especially so with small, closely held companies. Like yours. Why play loose with these transactions? The IRS checks carefully to see if loans are actually shams intended to create favorable tax situations for shareholders without having any actual […]
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Should We Talk About Updating Your Minutes?
Should we We should talk about updating your company minutes. Call me directly on to talk about the condition of your company minutes. FREE. No charge. No obligation. No strings. I can help you make minutes, update them, reconstruct them . . . and keep them current and in good order. This is important. If you […]
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Part 3: Loan Docs
Part 3: Loan Docs* Small, closely held corporations many times prefer to borrow money from their shareholders instead of from a bank. The shareholders may also be actively involved in managing or directing the business, and are usually willing to loan money to the corporation when it needs operating funds, or to make a major […]
ContinueTip of the Week: Prescriptions for Geniuses
I read recently of a man who had cataracts removed from both eyes. He had to buy eye drops to fight infection after the surgery. A single bottle of the drops cost close to $300. He had each cataract removed separately. He paid the $300 for the drops after the first procedure. After his second […]
ContinueAvoid Confusion: Keep A Record
Try keeping track of potentially confusing details in you head, without writing them down for the record. This can be nearly impossible considering the sheer amount of ‘stuff” there is to track. When it comes to corporate decisions, director’s intentions, resolutions, authorizations, timetables, and all the “formalities” of governing your company, put it in writing. Actually, […]
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