"Covering Closely Held Small Business Company Governance: Meetings, Minutes and Resolutions, More"
In my March 11th review of Inc.’s article “The Importance of Corporate Minutes” you read, “Typically, after the new entity is established. . . the owners often put off dealing with many tasks necessary to running their new corporate entity.” Another quote from that featured article: “Ignoring the care and feeding of your corporate entity […]
Inside America’s Boardrooms is a weekly web show that features board members and governance experts with varying perspectives and board committee experience. The knowledge level is designed for current and experienced board members, executives, proxy advisors, and governance professionals. My perspective on company minutes is from dealing mainly with small, closely held corporations, LLCs and […]
My article review is written generally from my personal perspective on a closely held small business entity operating as a “C” or “S” corporation, a limited liability company, in some cases a limited partnership, and even certain types of trusts. This article was published by Inc. and it is copyrighted 2000 by Nolo.com. (I love […]
UPDATE: I first wrote this post in 2011 for another one of my publications, and it is certainly relevant today. This is a fine example of things gone terribly wrong in a small company where the directors did not follow corporate protocol or make a record. Talk about insider loans and company stakeholders’ with differing […]
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 […]
